Got an observed central bank arbitrage? Make a coin and hedge. Block chain simply allows separated participants to reprice trade without the government imposed constraints. It is possible because the whole part is equally observable on the block chain, and ledger services are automatically managed congestion. The system does not rely on government book keeping.
Now from the point of view of computer technology this looks a lot like automatic provision of routers as needed for congestion management. The math guy says, we are just creating stable, agebraic pricing rings; we make denomination algebras that match real container sizes. They agree, the likelihood trees coming from Huffman encoders is a simple transmission buffer scheme based on data significance and works in a priced environment.
Is central banking in trouble?
Heck no, but it will adapt, and very quickly. It has to accept automated S&L technology, and the sandbox in general. But, like bitcoin, it is not going anywhere; just getting sandboxed.