1. IT'S A DECENTRALIZED CURRENCY
Does this even require any explaining? Do you honestly think that the current financial system that controls Trillions of dollars in the current global economy, is going to give up their power to some guy Guatemala because he ran he's 1990's computer the first year of Bitcoin.
Yes, because for the first time in history wealth cannot be seized at gunpoint. Being that governments and their cronies legitimate their rule through force and coercion, they will be rendered impotent by the incorruptible nature of block chain technology. The 1%, whether free market entrepreneurs or political entrepreneurs, will always look for the best safe havens from government seizure. Block chain tech provides the most efficient solution for everyone.
You are discussing the hypothetical plan with which bitcoin was created. ASICs have proven this to be an abysmal failure. Bitcoin is not and never will be free from such centralization, as ASICs make it far too easy to centralize.
Even if you could make an asic resistant algorithm for an alt coin, giant government funded computational center can easily overcome it, especially with the use of violence to coerce any private competition into cowtowing to their demands
Mining is dead. POW is an efficient consensus mechanism.