You also have to consider hostile govt or institution risk. You are absolutely exposed if you trust a custodian but not at all if you hold 2/3 keys.
Everything is trade offs. But playing dumb fiat games will win you dumb fiat prizes. Testicular fortitude to hold your ground when faced with a formidable foe is present much in today's society. Everyone loves to ask permission "for their own safety". Play the game but don't be lulled into "safety" by following every fiat rule out there. This is a technical revolution and we have the better tech. Act accordingly.