Making a half-thought-out-prediction, I'd say the end result would likely be one big centralized account controlled by the largest exchange with over 50% of the currency in it, because there would be a natural incentive to store your money in the biggest account so you get the most interest...
Could be that exchange will stop accepting coins at let´s say 53,67%. Where the 3,67 depends on the size and number of other larger accounts, of cause. ... uhm why? The 3,67 is reducing profit but increasing safety.
The question is basically how many parachutes to grab. Could be it´s wise to take none and stay away from that plane in first place.