> All I’m talking about is a simple ledger, not the fancy smart contact nonsense.

You wrote:

> > A private “coin” between mostly trusted partners with provisions for reversing transactions as needed.

Either you’re doing that with a smart contract, or you’re just plain trusting the other people to reverse it when asked, in which case there’s zero reason to be using a blockchain to begin with.

You don’t want or need trustless ledgers to interact with trusted parties - that’s a big increase in complexity for zero gain.