Sztorc wow BIP300. And in it he makes the argument that without it people will use (other coins like) Monero in the actual BIP.

"Today, coins such as Namecoin, Monero, ZCash, and Sia, offer features that Bitcoiners cannot access -- not without selling their BTC to invest in a rival monetary unit. "

I see his arguments against liquid as a bit biased. And in the end, yes, liquid introduced trust. Trust in blockstream, the federation and that code. Also elements is open source and so is the liquid node s/w.

I am not here to say that liquid is better than Monero for privacy. Not even close. And it could only get good enough at privacy to be usable if a lot more people used it. And I'm not thinking that liquid should be thought of as a pure extension to bitcoin. But like lightning uses Bitcoin as the final settlement layer for what it does. I think it's possible that the trade-offs in liquid could end up being very valuable for people who choose to use that side chain.

I only hold a lot of two crypto assets. Bitcoin and Monero. I hold a trivial amount of liquid. As well as a small amount of lightning BTC which is also attacked as being "not really Bitcoin" frequently.