Ask HN: Can you build something better than Youtube?

When I look at some of Google's properties, they are the best. For a change look at Youtube, its by far a single player monopoly with other players like dailymotion/metacafe/vimeo far behind.

I would like to get HNers opinion on the following: How can one unseat a giant like Youtube ? I sometimes feel its a lost opportunity as I was not able to code around the time people created Youtube.