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Here's a related (though not completely equivalent) thread on Reddit that I think does a good job of framing this topic: http://www.reddit.com/r/Bitcoin/comment

• wyager 12y ago
  Specifically, "Apart from that, block signers synchronize through the Consensus algorithm which is a semi-trusted model." Emphasis on "semi-trusted", i.e. "not worth shit from a decentralization standpoint".
• makomk 12y ago
  That thread understates just how centralized the consensus system is. If your node isn't on the trust list of the official Stellar Foundation nodes, they do not participate in the consensus-building process of those nodes and cannot affect their consensus. Those official nodes have the ability to freeze accounts, change the fees charged, and probably to issue new money arbitrarily if they collude. Now, technically your node can have a different trust list and come to a different consensus. You don't want to do that, though, because then you're stuck on a different version of the transaction history from the one everyone else accepts and any money you receive is likely worthless because it's not recognised by the rest of the network.