I'm talking about that even without government control, the market will vote with their feet and abandon the currency en masse, and choose an alternative that's more worthy of trust.
An untrustworthy* central entity holding all the identity power is just as bad as one untrustworthy central entity owning all the coins.
* If you can trust the central entity, then they can back the currency by fiat anyway.
I also have zero interest in any system that requires trust. If a centralization of
BTC took place I would liquidate and look elsewhere, as bitcoin would be dead.