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Mike, youtube, myspace, and other similar "personal content" sites count on two very important things: People putting stuff up, and people telling other people about it.
Youtube especially requires a constant influx of new video and new "hey look at this dumb video" like gets posted here to keep it going. As soon as that cycle breaks, even for a short while, things slow down. The less people in the door, the less chance to find the next moron to post a video of his dog burping, and less people will come see the dog burp... downward spiral.
Youtube is VERY susceptible to a decline in interest. Remove the copyrighted material, maybe piss off a few of your bigger posters, and the fresh content count drops rapidly. 80/20 rule I suspect applies here: 80 of the content comes from a small percentage of the posters.
So yeah, Youtube could slow down to just being another reasonably popular site soon...
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