This, I see as a major flaw in bitcoin's model.... hear me out...
It looks like bitcoin mining is becoming increasingly difficult to the point that only a few rich with huge server farms can mine the coins. When there comes a point when there are like 10 major server farms that mine 90% of the bitcoins, which looks to be where it's going...
You'll then have 10 very rich people basically in charge of bitcoin. I'm sure these now powerful and influential people will have meetings and discuss various ways to control bitcoin. The rest of us will be pawns in their game. It would be very easy for this group to come to a consensus and control bitcoin to their whims.
I can't see how we wouldn't end up with a few large server farms mining most of the coins, controlling most of bitcoin. Can anyone steer me to not believe this?
Yeah this is somewhat unfortunate when you consider how it was designed and intended. I don't think they foresaw how fast the jump would be made to more advanced mining technologies, especially ASICs, which kind of took bitcoin away from the diehard geek enthusiasts and put it firmly in the hands of whoever can afford to spend 5-7 figures on mining equipment.