2. Why can't a single crappy CPU process a few transactions per minute and broadcast them to the network? In what way exactly am I wrong about that?
What If I decide to buy lots and lots of those CPUs, what if I try to corrupt the system, make double spends, etc..
we still need someone to hash the timestamps and transactions into the public/anonymous ledger, right?
What, you want to completely do away with this?
Again, it's not just about transactions, its about the ledger.
You have not proven to me that masternodes alone can help guarantee the integrity of the public ledger. I don't think they can. Only hashing mathematics can do that...