Right now steemit is the only one that can recover your account should you ever lose control of your keys. @engrave is letting people know this fact as it is sometimes over looked by people. We, as people, have a tendency to trust the entities that create, sell, or give us things. Sometimes in life that trust is lost, and we need to find others that we can look to for that trust.

If you have your master password written down, and you have someone close that you trust not to screw you over, just set that person as your account recovery account, if you have no one you trust, create a secondary account and name that as your recovery account.

I would read the post "@engrave/review-your-recovery-account-if-you-dont-want-to-lose-your-assets" he put out, he spells it out pretty good.