Not exactly central banks in this case, but we've at least made it as far as fractional reserve banking.
Matt Levine covered this well in a recent column[1]. It reminds me a bit of the argument for why anarchy probably can't work that Robert Nozick laid out in Anarchy, State and Utopia. In a nutshell, the social forces are such that the simple, minimalist way of doing things represents an unstable equilibrium point, and the stable equilibrium point is much closer to the status quo.
That said, I wouldn't call armchair philosophy or armchair financial jurisprudence particularly ironclad. It's hard to blame people for wanting to actually try a thing. And it hasn't been entirely unsuccessful. While it's true that a lot of modern financial system trappings have built up around Bitcoin, the currency itself remains nominally independent.
Matt Levine covered this well in a recent column[1]. It reminds me a bit of the argument for why anarchy probably can't work that Robert Nozick laid out in Anarchy, State and Utopia. In a nutshell, the social forces are such that the simple, minimalist way of doing things represents an unstable equilibrium point, and the stable equilibrium point is much closer to the status quo.
That said, I wouldn't call armchair philosophy or armchair financial jurisprudence particularly ironclad. It's hard to blame people for wanting to actually try a thing. And it hasn't been entirely unsuccessful. While it's true that a lot of modern financial system trappings have built up around Bitcoin, the currency itself remains nominally independent.
[1]: https://www.bloomberg.com/opinion/articles/2021-02-24/the-va...