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.
This is not true. One person cannot fork the code. If one person creates a fork of Bitcoin that is not accepted by the other miners and the network then the newly forked code will be worthless as will the coins that any miner mines using the unaccepted code.
Bitcoin is decentralized because no one entity controls the network. In order for anything to be changed, there will need to be an agreement with the majority of the network to even have the possibility that the changes will be accepted.