In addition to devolving the proof-of-work into a
proof-of-stake non-security shitcoin consensus system, more importantly it is a great scam system:
The rest of your post was gracious, but really you don't understand that the insiders stole the supply and then they crafted masternodes which they could own most of, which thus pay them dividends, so they own an eternal supply of coins to P&D with. There is mining debasement that appears to be decentralized, except due to insider control over masternodes, the debasement ends up back in the insiders' pockets for dumping on greater fools.