Defeating fiat is like a whack-a-mole game. Fiat has lost many times in various countries over centuries, but it's still here. When fiat finally caves under the burden of its own issues, overdebtedness of the economy, etc., there will be a reset to another form of fiat, crypto currencies can gain a bigger market share as people lose confidence in fiat, but defeating it completely is unlikely, even if Bitcoin didn't have the flaws it has, it's still unlikely.


The Chinese tried unbacked paper currency = fiat many centuries ago, long before Europeans did. They pretty much invented this concept. It could be just a thousand years, not thousands, still it's a widely known concept to them.