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The Proof of work is what is needed to keep the chain secure, you can't fake the time and energy it takes to break the encryption. And even if you do, it would be more worth your time and capabilities to just mine the chain like everyone else. Proof is stake is the alternative model. I for one see the proof of work as acceptable if of the work is useful, like CureCoin, and others similar to it..
You KNOW that PoS is far more secure than bitcoin? Why don't you strike up a conversation in the bitcoin-dev email list and try to educate the devs why it's better? Or, just go ahead and implement PoS in bitcoin https://github.com/bitcoin/bitcoin and people interested in it will switch over to your implementation.