So its just a blackhole. I thought you were talking about a region of space. I dig it, I know it.
About your inference of time not being a physical thing is mistaken, I believe. Sure time helps us define events, but it also has an existance in forces. Gravitation as we know it know is as of now, has time in it. An object falls to earth accelerating at 9.81 m's^2. Impact forces really heavily on time. Driving 50 mph and go right into a telephone pole, you're probably going to be seriously hurt. Instead if at 50 mph hit a series of bushes and it takes much longer to reach 0 mph, you're probably going to just increase your insurance premiums. Also, pulsars "pulse" at extremely accurate intervals of time. Once every 5.68859 secs for example.

Time may be invisible, but it probable does exist. Its just when something enters an event horizon, the time is transformed and we really don't understand enough about singularities to understand the transformation of time yet.