You guys are making Luke-Jr's arguments for him. Shame on you
More than this @Daffy - China has the ability, today, to co-opt the bitcoin network in one fell swoop. If their pools decided they wanted to increase the number of coins to 42,000,000 they could do it, easily, by writing their own code and pointing their pools to that wallet and forking bitcoin. Would they do it? Unlikely, since it'd cost them value in the short term, but they certainly have leverage to do so.
I've said this many times before - multi-algorithm mining against the BTC blockchain is really the only mechanism to level the playing field. Maybe I haven't spent enough time describing how this works, but the Digibyte people have done an excellent job making the case for it.
TL;DR, ASICs, GPU's and CPU's would all mine different strata with different diff levels (still based on hashrate) - but there would be a normalization algorithm similar to what Nicehash uses to level the playing field. The top CPU rigs would mine against other CPU rigs, and likewise GPUs and ASICs - and no rig would be able to generate blocks more than a few in a row until they were barred from generation allowing the other strata to generate one of more blocks. Over the long haul, 33% of the generated blocks in, say, 2016 blocks would be produced by each strata.
Think about what this would accomplish - it would spur the re-birth of more pools because even small CPU pools would be generating nice rewards... and spread out both adoption and distribution more fairly. I'd definitely be interested in hearing more thoughts against this - Some of the more obvious ones are, of course, marginalizing the investments in ASICs and ASIC development - but is this a terrible thing? What country ends up producing ALL of the ASIC hardware? What country and companies hold back that hardware in their own best interests? Even the ones that allow us to have a 'taste' do so with little hope of ROI without a commensurate bump in BTC value...
Look, even KnC manufactures their chips in CHN/KOR foundries - and like every technology that hits those foundries, they get cloned (stolen) and manufactured in knock-offs.