It pretty explicitly declares who Dai-holders are trusting- those who hold the rarer MKR coins. MKR-holders, presumably, appoint oracles by manipulating the Et

It pretty explicitly declares who Dai-holders are trusting- those who hold the rarer MKR coins. MKR-holders, presumably, appoint oracles by manipulating the Ethereum DAO that's running the whole business- but they also seem to have control over the rest of the system as well, so its not as though they would have to even be as subtle as manipulating oracles to mess things up. If they want to declare their own farts to be valid collateral to borrow Dai, I don't see a mechanism provided to stop them. Its really easy to see the MKR-holders as just a formalization of the movers of high-finance in the fiat currency world- they would have a similar oversight role and powers as the high-level bankers and governmental financial regulators that control the workings of conventional markets. I suppose the idea is that MKR-holders have it in their best interest to defend a system they've invested in. But if the motivation of the whole digital currency movement is autonomy this seems to defeat the point.