> So the trust issue reverts into trusting that the creators + early adopters to not abuse the system. This is the exact argument used against single-authority systems that the authority may abuse the system.

This is not exactly true. Look at Napster vs BitTorrent. Napster failed because it was a single-authority system. BitTorrent has succeeded because it is (mostly) decentralized. Trackers might go the way of the block chain in the not-too-distant future.

As far as abuse: It is up to early adopters to sniff out the scams. Unfortunately that is how free markets work. If those adopters stay and continue to promote the new system, it may have a chance with the populace at large. The small localization of failure is a feature not a bug.