Of course, if LN is up and running before it plays out like this, and it doesn't degrade the user experience, Bitcoin won't fall off the cliff.
The LN guys just invented the brick, and Blockstream is assuming that by next year there will be cities with skyscrapers and bridges over the oceans.
Satoshi made Bitcoin the opposite of "censorship resistant" if used with default settings. Anyone can track where your coins have come from, and where you sent them to through the blockchain. However Satoshi provided instructions on how to run a wallet through Tor, and how to mix them through coinjoin if you desire anonymity. He left the choice of whether to implement anonymity or not to the user.
IIRC, in the whitepaper he says that banks provide fairly good privacy, and coinjoin-like mixing can get fairly close to that...