I think that nothing life-changing is actually going to happen. We have already been there.
While what you say sounds logical can you point out where in your "been there logic" things were decentralized?
Actually, they were completely decentralized "there". When it all started back then, any bank could issue their own "money". Bills of exchange, bank notes, certificates, depositary receipts, etc ad nausea are all examples of "private" money. So you had many options open
how to lose your gold to pick up from..