If they get hacked and you lose that password, so what? They can only impersonate you on that forum.
If an identity provider has issues, the window of opportunity ends with the rollout of a fix.
Not to mention that I trust the security of my identity provider a lot more thorough than Mr Bobbins phpBB instance. Audits automatically instigated by changes in country, ISP, device, browser. Logs kept. Dynamic secondary and tertiary factors.
It's toxic and unnecessary data. Let somebody else handle it.
You care way too much for an account that you currently don't even have... is is really necessary? Worse case, you lose it and you are back a your current state, doesn't seems so bad to me.
And won't have with the current login method.
I'm not trying to convince you to follow my path here, I've just been trying to explain why I do what I do, in an effort that the guy advertising a forum I'm interested in might improve things enough to let me (and those like me) in. I understand that there are ways to do this, and that my way is an active choice.
If it comes to it, I'd rather go without.
I use a system of unique ids for these sites.
Let me log in through an external service where I can control my credentials and factor count. Ideally a pile of established OAuth providers and an open OpenID box.