Moderators:  I would be grateful if you could move this to the Alternate Cryptocurrencies forum, and give me permission to post there.  I think the PDF I link below constitutes evidence that I "understand more about Bitcoin than the average newbie," as requested in the first post of the whitelist-request thread.  (See section 2.1 in particular.)

Hi, everyone.  In my spare time, I've been thinking about ways to incorporate arbitrary computation into the proof of work for a bitcoin-like blockchain-based cryptocurrency.  You can read about the design I've come up with here (click on the "Download" link in the top right-hand corner to view the PDF locally.)  

I've given serious thought to this problem, but I am by no means an expert on any aspect of it, and I welcome all critical feedback on all aspects of my proposal.  In this thread I am mostly hoping for conversation about the flaws in the protocol I've described.  (E.g., I welcome conversation about security flaws or potentially perverse incentives created by the economic model I've proposed, I'm less interested in conversation about how the proof of work in bitcoin is already useful, or about David Graeber's ideas.)