I think you left of the most important part. The "Agreement" that said "Currency" is a medium of exchange without that nothing else matters. If we all agreed Blue Rocks where the new currency then that's what we would be using.
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This is one of the axioms regarding money in the first place, yes.
And when the medium of exchange is sanctioned to allow the payment in taxes, it has then become the standard. Gold has been authorized as a medium to be used in contracts and payment of taxes in the state of Utah, so why not a crypto currency?
I'm not saying it can't only that there is more to it than Scarcity, Utility. In fact Scarcit it not even required and the utility is actually the function of money. It allows you to carry paper instead of goods to trade with. Now we have digital currency which is even easier to carry. Unless we ever get hit with a massive EMP and the digital world is wiped out. Then we will go back to heavy physical good most likely and real estate to determine wealth.
At least blue rocks would be voluntary if we agreed to it. Using STEEM is a choice, the USD is mandatory in the US.
Can you imagine what chaos we'd have if we didn't have the USD is mandatory in the US. Evey-thing would be ten time harder and take much longer, our days would be filled with negotiating and bartering.
Now with Cryptos we will see some flexibility but we still need the Dollar for now until there is a Defacto or Mandatory Standard which looks like it might be Bitcoin.
I have nothing against the Dollar. It serves a purpose for now but we will evolve past it sooner or later.
It does certainly serve a purpose, I agree.