@Red: Yeah, I guess you are right that whether or not Charlie monopolizes mining is irrelevant in your sytem. Anyway, assuming your system is completely sound and doesn't have any holes for gaming it, there's still the problem that this sytem relies completely on being able to generate blocks securely by consensus instead of proof-of-work. I haven't followed your conversation with Etlase so no idea how much this concept has been developed. Personally I can't even grasp how such a thing would be possible, but it would be pretty exciting to see such a paradigm shift being materialized.