A current problem that I feel blockchain-based currencies face all is the inability to effect large scale changes. Whether it be Bitcoin's infighting or Ethereu

A current problem that I feel blockchain-based currencies face all is the inability to effect large scale changes. Whether it be Bitcoin's infighting or Ethereum's decision to fork, the reliability of transactions by blockchains comes into question. The central conflict is over authority: should the system be in the hands of miners or in a central power? Both of these have pros and cons. Miners have an economic incentive to ensure changes to the system are in favor of users. And in theory, these changes are democratic: representing the opinions of the majority of miners. However, in practice, this is rarely the case; as voting power is allocated based on computing power, the result is a system governed by a few individuals with the economic resources and advantages to cheaply 'outrepresent' others. In effect, they do not represent the majority of miners and users. Look at Bitcoin, where a handful of Chinese companies control the network (http://www.nytimes.com/2016/07/03/business/dealbook/bitcoin-china.html http://www.nytimes.com/2016/07/03/business/dealbook/bitcoin-...) A central power has the ability to enact large scale change affecting the whole system, but is inherently undemocratic. Ethereum, in response to a capital fund being hacked, performed a hard fork earlier this year, mitigating the adverse effects. This rapid collective action would be hard to do in Bitcoin. The benefits of blockchain are anonymity, security, and low costs of transactions. Both of these features need to be upheld if blockchain-based currencies are to be competitive with current credit systems, regardless of which form of authority is adopted. In my opinion, a central power blockchain-based currency would be preferable. Why? Current credit systems charge high fees for transactions to offload the cost of fraud and corresponding insurance. Blockchains don't, but there is no guarantee of security against hackers in a system not run by a central power. Low cost and security of transactions must be maintained. In addition, in a miner-based blockchain, all transactions are not treated equally. For Bitcoin, transactions which give a fee to miners are processed faster (https://docs.google.com/spreadsheets/d/1aYfkjiN534p4zyE5WJNm7rddr84KS_e50EFTYJqj5jQ/edit#gid=1463201895 https://docs.google.com/spreadsheets/d/1aYfkjiN534p4zyE5WJNm...). Any response?