Bitcoin got me really excited. From the first day I heard about it I was blown away. I studied how it works and how it cuts off a lot of the risks (for example double-spending, etc.). The System is just genius and uses smart ways to create a decentralized payment system where no trust is needed. But something keeps me worried.

Right now, there are thousands of miners all over the world. I mine myself too. But since the difficulty is going up so fast, a lot of people are giving up the mining business. It makes sense that the difficulty goes up, but I think this will lead Bitcoin into a centralized system. Let's look at the American government for example. They have millions of taxpayers and no legal limits. I wouldn't be surprised if they would try to take over the Bitcoin network (hashrate, min. 51%). "Dumping" Bitcoin probably wouldn't be worth it, but what would be worth it (for them) is to censor/block transactions. They'd have the full control and power over it.

Using proof-of-stake, like Peercoin does, would make it more expensive and time-consuming. But still it's not truely safe.

What do you think about it? Will that be a problem?