Ideally a sentence or two to summarize. Maybe something like "Centralized currencies can always be cheated by someone and manipulated in a manner that most benefits those in control, to the extent of locking you out of your account or taking away your money if you do not behave in the manner those people would like. When the people control the currency, the people decide the rules that govern it and no one person can touch your money without your permission"?
Anything else I'm missing?
You are missing the major point where centralized currencies fail conceptually
It is certainly true that the ones controlling fiat (which is a generic term for centralized currencies) can lock you out of your account as well as just outright steal your money from you, and that may in fact not even be related to how you good behave (which is even worse). For example, when Cyprus haircut happened, the money was taken from all depositors indiscriminately. But these are still minor details. It could be said that "the major problem of fiat money comes exactly from where its strength stems, i.e. from the arbitrariness in decision-making about the amount of money to be issued"