Reality shows otherwise. We don't need one entity to control all the hashrate. One controlling more than 50% is already fatal. Depending on what definition you

Reality shows otherwise. We don't need one entity to control all the hashrate. One controlling more than 50% is already fatal. Depending on what definition you use we already have that. China as a jurisdiction can be considered one entity. The price may or may not calculate that risk in but no matter how much it would fall it does not turn back time. Remember hashes per second is cheaper to produce when you produce more. That doesn't change if the price drops. The small hash producers are first to become unprofitable and have the smallest reserve's + as soon as they go bankrupt the others are more likely to become profitable regardless of price simply because there is now less competition. If one of the large player would go bankrupt the market would be flooded with cheap ASICs most likely to be bought up by the remaining large players.