The question asked is why socialized losses need to be accepted, not posit a new financial system. The current system requires socialized handling of losses.
If that were what was asked - then yes the answer is crypto. No central bank needed (or desired). It is a working alternative that has survived for over a decade. It is not perfect but there is a ton to learn from there.
If that were what was asked - then yes the answer is crypto. No central bank needed (or desired). It is a working alternative that has survived for over a decade. It is not perfect but there is a ton to learn from there.