Mining is over 3 times less efficient. Unless that ratio starts to change, miners will drop off to the point that the coin is in danger due to low hash rate.
The impression is of the rich just getting richer and the little laborers getting sweatshop pay, and it's a huge turn off.
No...
Less miners means lower diff and higher block reward = more incentive to mine.
It's very clever, self balancing system.
Exactly. If you don't know how difficulty adjustments work, you probably shouldn't be mining. Maybe you could sell Scentsy or something?
P.S. All those "rich" people buying coins to build masternodes are making the coins you mine even more valuable.