(This is a bit of a continuation of what `whiteandnerdy` posted in a different comment) - the distributed trust model seems to assume that the governments won't cooperate to seize different necessary distributed things across borders. I am reasonably sure that this is not an assumption which holds true - plenty of multi-national raids on criminals happen (and classifying people who hold decryption bits to stuff governments want as being criminals is a fairly trivial task).
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