Federated trust as decribed by GeeqCorp is precisely how humanity has done monetary transactions for centuries. Merely throwing in a blockchain for good measure doesn't change anything. Getting rid of federated trust is what made Bitcoin so revolutionary. Returning to it seems rather regressive.
My opinion is that an authority on the blockchain should be present in order to avoid fraudelent and malicious actions. See what's it going on right now on the Ethereum blockchain and ERC20 tokens which is full of scams.
And also, if people are not so much in fond of federated trust, how is it possible that Ripple has so much support by users making it 3rd regarding Market Cap?
That's how public discourse works though. Otherwise they should have just worked in the shadows and presented the world with a finished product.
It can work to make things better, this is the reason why none works in the shadows. And I believe that there is a great exchanges of ideas in this thread that can lead to a positive outcome.