Stephen thanks for your response.
This space should be to discuss the merits of what I wrote, rather than what you wrote, but hey ho :)
My immediate thoughts on your suggestion, and the reason I would dismiss it, is that it seems an intrinsically conventionally manual system, with responsibility of many individuals to do the right thing, just like a bank.
But maybe my view is biased.
I am not a bank.
I am a systems Engineer of thirty years, who’s last company had all of its funds siezed by my business bank in UK, just before Xmas, and the current general crisis started, on the excuse that my intended business with Cuba contravened the interests of “International clients”.
I will let you work out who that was.
Who would administrate your manual scheme? Banks? Government?
How many people do you think will agree we should hand over trust of our finances, or our trust with anything, to any central authority, or anyone, other than our own selves, yet again?
All I’ve written is the logical conclusion of something we’ve seen working already in many examples of communities, looking after a community interest, with no requirement of trust, and which enables people to get back to basic business at the lowest level, literally, phone to phone, with no need to understand mathematics, interest rates, or quantum anything.
Instead of a community, it is applied to an individual, every individual, automatically, giving every one the same power as enjoyed by banks and governments until now; their own incorruptible, branded currency.
If people have no money of conventional value, as is likely to happen soon, the strongest argument anyone might have against this, is that it just won’t make any difference.
The only folk standing to lose anything are the developers, including myself, who might waste some valuable time working on something that had zero return.
Everyone else loses nothing by having the wallet app on their phone, they could take it or leave it. But by taking it, they open another possibility of how to do business, in the absence of a stable currency.