Sorry if this is covered elsewhere. But with an allowance of only one search per minute, I gave up trying to find it.
I seek assistance in trying to understand how bitcoin can last. My main concern is what happens as difficulty increases, transaction load increases, and the computational power needed to confirm transactions increases. We're beyond the point where CPU based mining is feasible. GPU mining is only possible in pools. ASICs are coming online that have more power, but when will that end?
It seems there will come a point in the future when only pools of $25,000 ASICs will be able to get anything done - and at what return? After many hours of reading on the topic, I'm left with the following questions:
1. Am I wrong that if no one is mining, no transactions get confirmed and nothing moves?
2. If the computing power is owned by only a few who can afford it, the integrity of the project is lost, isn't it?
3. Am I completely misunderstanding the way this works?