well put, exactly right.

ecash doesn't have to become a chokepoint though. It may be prohibitively hard to get there, but having internet-native interoperable banks that use bitcoin as a backend will happen. They can either be financially regulated chokepoints, or wildcat banks out there in cyberspace. Mints have to be interoperable (there has to be a mint network) to be useful to their users (be able to redeem cash in many places) and reduce the likelihood of rug.