Oh, that’s correct. Too much of their value depends on trust into them, a feedback loop.

One can say that malicious emission of the real world (printing money to cover budget holes) and burning money (literally lost banknotes and such) and unknown untraced amount of cash are factors for stability. You know less and you speculate less, because what you speculate about is not as random, it’s a conscious actor (the emitent), and the rest is unknown, thus not creating a feedback loop.

I don’t know if one can really create such a system that would be extensible into offline applications. Double spending is a problem.