The big fallacy: a higher hash power protects the bitcoin network!

Why everybody believes or at least repeats this fallacy?

A higher overall hash rate does NOT protect the bitcoin network!

What does protect the bitcoin network is a broad distribution of hash power!

In this sense, giving everybody the same conditions to compete in the hash lottery is protective,
whilst restricting this possibility to a few holders of specialized hardware goes in the contrary direction.

The capital intensity of ASICS mining acting prohibitively to the small miner is a weakening factor for the whole network. If mining would only be possible on CPU’s, no government or organization would ever be able to compete with all CPU’s mining overnight around the world. But if we restrict this game to the ASICS holders, than just a few thousand of those machines can achieve the 50+ % hash power. Indeed, a 50+ % of the network is already controlled by an oligopoly of miners. Fotunately they have being interested in protecting the network on their own interests, but this fact largely impairs the trustlessness indented by Satoshi Nakamoto.

The Bitcoin miners community profile has completely changed since its early days: in the beginning it was only a personal decision of any pc holder to leave his computer hashing overnight or not, thus it was based on the idea of reusing resources. Now it is determined by the access to the very newest technology, thus it became an arms race. This puts the mining business under the same logics ruling the Formel 1, the early days of the nuclear race or of the space exploration, or any technological industry based on patents or innovation.

This sadly promises further mining power concentration for an indefinite future, even if ASICS development seems to be slowing down to a normal More’s Law in a fast pace. Disruptive technologies will be always the name of the game and in such an environment often times just a small selected group of people get first hand access to the new possibilities. This fact renders a sad prognosis to the Bitcoin network.

I would like to hear your thoughts on it.