[Groxx]

They absolutely could build huge farms, but their advantage in doing so would be significantly less than an average person with a general purpose computer, compared to now. They would effectively have less power over the network as a whole, because it's easier to become profitable (or at least less lossy) and compete, so more people would (theoretically).

Yes, bitcoin is not a democratic currency. But it is designed (and desired) to prevent all power from landing in the hands of very few / one, since then the entire foundation it's built on is worthless. Bitcoin is fundamentally stronger with more players, and Litecoin is easier for more players to join.

Absolutely, it came out a distant second, and that very well could be it's death. But why is there no real point in having more than one? With more than one, "money" is more resilient against new crypto attacks.