Even in a long-term equilibrium state different communities may end up converging on different definitions of the ideal money: some favoring immutability while others prefer reversible transactions for example or preferring different trade-offs across security, transaction fees and inflation rate. Where there is consistent demand for a particular definition of money, communities can form Schelling Points and give that kind of money value.

This is especially likely given that humans often do not behave like purely rational economic agents. They despise shipping fees and a-la-carte pricing and they are (relatively) insensitive to inflation and risk. They covet both stability and growth, both security and flexibility. Community loyalty could cause users to value a niche currency even if they understand it to be inefficient, as arguably Dogecoin demonstrates already. Ultimately money is the servant of actual human demand and not economic theory, and so we may see a panoply of currencies thrive even if they don’t necessarily make sense — the economic equivalent of Wile E. Coyote never looking down.