is a social contract. it can by definition not have catastrophic design errors, because no one is forced to sign this social contract.
And when the majority do not adopt the social contract, it is a catastrophic failure. It the money doesn't circulate, it isn't a currency, and there is no adoption. See the Quantity Theory of Money.
in my language there is a very gentle distinction between cash or money and currency.
by no modern definition in economics bitcoin or monero is a currency, because certain characteristics of a currency cannot be given by definition in a decentralized system.
what bitcoin or monero basically is, is a payment network with a store of value function - this is probably much closer to the definition of cash or money. gavin andreesen uses the term electronic cash nowadays when he describes bitcoin. also the analogy to gold is much closer than the analogy to currencies.
since we are all vain I shortly come to your defamation regarding my economic skills: you are quite a smart guy who has massive skills and coding and great analytical skills. but this does not hinder you from using a theory in an area of application where it does not fit at all. but you are forgiven: even proper economists often fail to do that correctly. Keynes put it this way: Economics is the science of thinking in terms of models joined to the art of choosing models which are relevant to the contemporary world.
