[Question] How does Time Vault work, exactly?

[Lord of Water]

I understand the basic function of Time Vault: You skip a turn now to get another turn later. But here's a usage of Time Vault that seems possible but unlikely (as it's completely broken):

Time Vault's text:

~this~ comes into play tapped.
~this~ doesn't untap during your untap step.
Skip your next turn: Untap ~this~ and put a time counter on it.
{Tap},Remove all time counters from ~this~: Take an extra turn after this one. Play this ability only if there's a time counter on ~this~. [Oracle 2001/08/24]

Now, let's imagine a turn-order structure. 1 will be my turn, 0 will be my opponent's turn. I win the flip.

1*010101010...
The * is put after the current turn.

Now, let's say my first turn is as follows: Land, mox, Time Vault.
I skip my turn and put vault's ability on the stack. The turn chart now looks like this:

1*00101010...

Vault's ability resolves and it gets untapped and gains a time counter. I then tap it and remove the time counter to take another turn after this one. The turn structure now looks like this:

1*1001010...

I pass my turn.
11*001010...

Again, I skip my next turn to untap the vault and put a counter on it. The turn structure would now look like this:

11*000101010...

I then tap the vault to take another turn after this one. The turn structure would be like so:

11*100010101010...

In this way, could I not create infinite turns with a time vault alone?
I assume it's not possible, but I don't have the smallest idea how the rules forbid it. I would like an explanation as to why this method of taking infinite turns is invalid. If it weren't, every deck in existance would run 4x Time Vault. =D

 -LoW

[Yare]

From D'Angelo's Rulings:

If you try to use the Vault before you skip a turn, then you will end up skipping the newly created turn. [D'Angelo 2001/08/31]

That is why you can't create infinite turns.  You do get the extra turn, but the skip next turn effect will just erase it, so turn order ends up as it had been.

This way, if you decided to skip a turn, but then changed your mind, you could cancel out the effect before it caused you to skip a turn.

[Rico Suave]

The card says "skip your next turn" and not "skip your next turn on the turn structure table."  In other words,

Now, let's say my first turn is as follows: Land, mox, Time Vault.
I skip my turn and put vault's ability on the stack. The turn chart now looks like this:

1*00101010...

Vault's ability resolves and it gets untapped and gains a time counter. I then tap it and remove the time counter to take another turn after this one. The turn structure now looks like this:

1*1001010...

That bold number is where your problem is.  You don't ever take that turn, because Time Vault told you to skip your next turn.  That bold number is your next turn.

EDIT-beat to it.  

This should also be in the rules forum, since it is a rules question.