The same argument has been made about monarchies; no rational king would ruin the kingdom for his son. A quick perusal of the history books makes a mockery of that theory.

Turns out humans aren’t perfectly rational, and handing a huge amount of control to a tiny number of rich people is a fantastic way to discover that while any given rich person might be smart and what not, there’s a non trivial chance that their heir is an idiot and will ruin whatever they’re given. This is entertaining for personal fortunes, but not so funny when they control a currency.

If the wealthy can rig the game in the favour and fleece the rest - they'll do it.

We've seen this throughout history.

That's what PoS will do to small holders. They will be nothing but tiny shareholders with no anti-dilutive protections and zero legal recourse.

I'd much rather deal with a centralized entity where at least I have a some body of law I can rely on.

The fact the wealthy can change anything in a system - is already a red flag.

A system like that is definitely not decentralized.