And then they decide to call it the Federal Reserve Bitcoin Bank
This is a factor of bitcoin being "decentralized" that I don't think many people fully internalize. Anybody could change the protocol, and all that will count toward acceptance is the number of nodes acknowledging their transactions. If a change is unpopular or made without widespread consensus, the blockchains split and now you've got two mutually incompatible currencies. In practice this will probably just mean that you're always under threat of a split unless everybody accedes to the changes that mining pools propose, since they control so many transactions. Alternately, new mining pools could be created that let members vote proportionally to the work they've done for the pool. It's both scary and interesting.
It's why we don't store all of our money in a mattress underneath our bed.