Lets say crypto completely and utterly replaced fiat. Fiats don't exist anymore. All governments have seen the advantage of using digital currency and have completely changed their fiat into crypto, like dollar to dollar token(obviously not tether). How viable is this? For example anyone can see how much I am holding using the public ledger and track me down and force me into sending them the cryptos I hold. I wanna discuss in reality if cryptos actually replace fiat how life will be and what are the problems we are gonna face and the immediate effects of it.
Surely this will eventually happen, cryptocurrency can't be fully centralized like fiat money and can't be issued in enormous quantity like fiat money.
Most every state worldwide is living in HUGE debts due to they take money from 3rd parties and promise to return it with %, but it's impossible to return % because this money simply just don't exists, so they have to take new debt to cover the previous, and this goes on and on.
Eventually this system will fail, and many people will suffer worldwide, of course not the bankers who will take money from 3rd parties and will never return them.
Looks like this situation will happen sooner as we all might expect, we are facing history changes in financial industry right now, in my view.