I think it would make an even bigger difference with churn. The currency which is managed by a single system has a much higher chance of being deflationary in p

I think it would make an even bigger difference with churn. The currency which is managed by a single system has a much higher chance of being deflationary in practice (due to churn taking coins out of circulation). The currency managed by 1000 different systems is very unlikely to be deflationary; chances are, at least one of those 1000 systems is going to go rogue (e.g because of a bug or hack) and start issuing coins which will propagate to all other systems which trust it. It may be difficult to figure out which one started breaking the rules and once they found out, there would be no incentive to report it or fix the problem.