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Amrit, this paper explains your concepts much better. I will read it when I get enough time. You make a fundamental error in saying your clock in the mine will go faster. The Gravitational Potential is lower in the mine even if the force due to gravity is less. The time dilation is a function of gravitational potential and the formula you used does not take this into account. I think the clock will run slower, not faster. The formula you used will not apply inside the surface of a massive body.
Amrit, getting the wrong formula for gravitational time dilation certainly is important if you are planning experiments to measure it. It also does not speak well of your understanding of the subject (or that of your Professor or whoever peer reviewed the paper). I have not been arguing against your time concept, which is not without merit. As Farsight mentions, it is not dissimilar from his own view I think. However your conclusions regarding gravitational time dilation are wrong and it is this that degrades your position on the more fundamental concepts.
Graham going inside the earth gravity diminish and clocks run faster.going above the surface of earth gravity diminish and clocks go faster
Recent research confirms that: - Catalin V. Buhusi, Warren H. Meck, What makes us thick?, Functional and neural mechanisms of interval timing, Nature reviews, Volume 6, October 2005