Now I think of it, could it be possible for the 1% to block the 99% entity?
Easily. With Bitcoin, 1 person can block the decisions of all the other users. It is called forking the code. The power of mining pools and asic farms is grossly exaggerated.
Additionally, the Asic miners are beholden to the will of the users because all their electricity and hardware means diddly squat if there are no users sending transactions to them and buying their coins.