The other reason why it’s impossible is simply that nobody would upload their genuine content to your site because it doesn’t get as much “engagement” as on YouTube. Social inertia is why YouTube can pretty much do whatever the fuck they want and people will stay.

Twitch is the same thing for livestreams. Not even Facebook using fuck-you money to literally buy exclusivity contracts with streamers could change that. People just didn’t want to watch there (although I can understand their reluctance).