Eventually ASIC tech will be out there that will concentrate A LOT of hash in VERY FEW HANDS, and then we will be back to square one (central bank).
The best hope is an ALGO that adapts to the hash and responds by scaling the amount of RAM required to run the algo to prevent a central power from dumping a billion dollars into a chip that can match the hash of the entire network for 100watts.
How? Who is developing this all mighty ASIC tech? And what is to stop them from doing the same thing to any other algorithm? Memory is dirt cheap. Memory was supposed to be the reason ASICs couldn't mine scrypt. Oops.
Bitcoin is open source and it uses protocol SHA256. Anybody is free to develop their own ASIC or new crazy futuristic chip to mine on the network. That is what an open market means.
Changing the algorithm just sets the game back a few years so you and and a handful of others can hold onto your obsolete technology.