A custodian *can* debase their users Bitcoin

You remove all the guarantees Bitcoin offers and can't restrict money printing without self-custody

Just take it to the logical conclusion. If everyone used a custodian, why wouldn't they be able to print more? They're just IOUs after all

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Not only that. They can debase it to 0% by censoring and blocking your transactions, or using the information to tax you out of your BTC.