I think demonoid (ignoring all questions of its legality) already does Oink-2.
It has a huge incentive for users to behave (I wonder if this would work for HN too):
+ registration is for free, but you need someone to invite you.
+ if you do something that causes you to get banned, the person who invited you gets banned, too. Makes people think a few times before doing something stupid.
Demonoid is nothing compared to the former Oink. It's a disorganised mess. Ditto TPB.
The real Oink 2 will be a properly indexed distributed web of trust system using something like BT/freenet and DHT and some kind of reputation system. There are early implementations going in that direction, but nothing really working yet. It's absolutely possible, though. All of the components are right there, just waiting to be linked up.
It's ridiculous to think this isn't coming. It's hard, yes, but it's also inevitable. Any business model that depends on people not being able to easily find and download small files, like say audio or even video these days, is screwed in maybe 2 or 3 years.
I don't think I'm predicting the future here, I think I'm stating the obvious. Hell, I have a side project along these lines, and I'm very far from the only one. Everyone wants something like this. It's just a matter of time.
It has a huge incentive for users to behave (I wonder if this would work for HN too):
+ registration is for free, but you need someone to invite you.
+ if you do something that causes you to get banned, the person who invited you gets banned, too. Makes people think a few times before doing something stupid.