What do I mean? India was about 80% cash. Why would the people not just reply with 'fuck you - we'll just keep using these notes the same way we have been'. Nothing changes. 80% of all transactions continue being done in cash -- not recognized by the gubmint, but who the fuck gives a shit -- and Modi ( and his wall street financiers) get to stew over in the corner. I mean really -- for the people, what is the downside?
Because it fails in game theory exercise when you have an unorganized mass of people with no "Schelling point" of convergence. In other words, the value of the fiat is derived solely from government "backing", yet the government just "unbacked" the currency to worthlessness. This means you could never have more than a small, illogical minority group coming together with that as a solution. Gold and silver on the other hand derive value irrespective of government, so the Schelling point in these types of situations is always going to be a mad dash to metals instead.
https://en.wikipedia.org/wiki/Focal_point_(game_theory)