I took me a while to warm up to the fascist share ratio enforcement (which made it easier for a Power User to seed to a good ratio than a newbie), but it really was a one of a kind place. From here:

"Newspapers are a good example: It used to be that people read newspapers to get the news. That was the distribution method, and newspaper companies controlled it. You paid for a newspaper, and you got your news, that's how it worked. Until the internet came along, and a new generation of innovative people created websites, and suddenly anyone could distribute information, and they could distribute it faster, better, more efficiently, and for free. Obviously this hurt the newspaper industry, but there was nothing they could do about it, because they didn't own the information itself - only the distribution method. Their only choice was to innovate and find ways to compete in a new marketplace. And you know what? Now I can get live, up-to-the-minute news for free, on thousands of different sources across the internet - and The New York Times still exists. Free market capitalism at its finest. It's not a perfect example, but it is a part of how the internet is changing every form of traditional media. It happened with newspapers, it's happening now with music, and TV and cell phones are next on the chopping block. In all cases technology demands that change will happen, it's just a matter of who will find ways to take advantage of it, and who won't.

Unlike newspapers, record companies own the distribution and the product being distributed, so you can't just start your own website where you give out music that they own - and that's what this is all about: distribution. Lots of pro-piracy types argue that music can be free because people will always love music, and they'll pay for concert tickets, and merchandise, and the marketplace will shift and artists will survive. Well, yes, that might be an option for some artists, but that does nothing to help the record labels, because they don't make any money off of merchandise, or concert tickets. Distribution and ownership are what they control, and those are the two things piracy threatens. The few major labels left are parts of giant media conglomerations - owned by huge parent companies for whom artists and albums are just numbers on a piece of paper. It's why record companies shove disposable pop crap down your throat instead of nurturing career artists: because they have CEOs and shareholders to answer to, and those people don't give a shit if a really great band has the potential to get really successful, if given the right support over the next decade. They see that Gwen Stefani's latest musical turd sold millions, because parents of twelve year old girls still buy music for their kids, and the parent company demands more easy-money pop garbage that will be forgotten about next month. The only thing that matters to these corporations is profit - period. Music isn't thought of as an art form, as it was in the earlier days of the industry where labels were started by music-lovers - it's a product, pure and simple. And many of these corporations also own the manufacturing plants that create the CDs, so they make money on all sides - and lose money even from legal MP3s.

At the top of all this is the rigged, outdated, and unfair structure of current intellectual property laws, all of them in need of massive reform in the wake of the digital era. These laws allow the labels to maintain their stranglehold on music copyrights, and they allow the RIAA to sue the pants off of any file-sharing grandmother they please. Since the labels are owned by giant corporations with a great deal of money, power, and political influence, the RIAA is able to lobby politicians and government agencies to manipulate copyright laws for their benefit. The result is absurdly disproportionate fines, and laws that in some cases make file sharing a heftier charge than armed robbery. This is yet another case of private, corporate interests using political influence to turn laws in the opposite direction of the changing values of the people. Or, as this very smart assessment from a record executive described it: "a clear case of a multinational conglomerate using its political muscle to the disadvantage of everyone but itself." But shady political maneuvers and scare tactics are all the RIAA and other anti-piracy groups have left, because people who download music illegally now number in the hundreds of millions, and they can't sue everyone. At this point they're just trying to hold up what's left of the dam before it bursts open. Their latest victim is Oink, a popular torrent site specializing in music.

If you're not familiar with Oink, here's a quick summary: Oink was was a free members-only site - to join it you had to be invited by a member. Members had access to an unprecedented community-driven database of music. Every album you could ever imagine was just one click away. Oink's extremely strict quality standards ensured that everything on the site was at pristine quality - 192kbps MP3 was their bare minimum, and they championed much higher quality MP3s as well as FLAC lossless downloads. They encouraged logs to verify that the music had been ripped from the CD without any errors. Transcodes - files encoded from other encoded files, resulting in lower quality - were strictly forbidden. You were always guaranteed higher quality music than iTunes or any other legal MP3 store. Oink's strict download/share ratio ensured that every album in their vast database was always well-seeded, resulting in downloads faster than anywhere else on the internet. A 100mb album would download in mere seconds on even an average broadband connection. Oink was known for getting pre-release albums before anyone else on the internet, often months before they hit retail - but they also had an extensive catalogue of music dating back decades, fueled by music lovers who took pride in uploading rare gems from their collection that other users were seeking out. If there was an album you couldn't find on Oink, you only had to post a request for it, and wait for someone who had it to fill your request. Even if the request was extremely rare, Oink's vast network of hundreds of thousands of music-lovers eager to contribute to the site usually ensured you wouldn't have to wait long.

In this sense, Oink was not only an absolute paradise for music fans, but it was unquestionably the most complete and most efficient music distribution model the world has ever known. I say that safely without exaggeration. It was like the world's largest music store, whose vastly superior selection and distribution was entirely stocked, supplied, organized, and expanded upon by its own consumers. If the music industry had found a way to capitalize on the power, devotion, and innovation of its own fans the way Oink did, it would be thriving right now instead of withering. If intellectual property laws didn't make Oink illegal, the site's creator would be the new Steve Jobs right now. He would have revolutionized music distribution. Instead, he's a criminal, simply for finding the best way to fill rising consumer demand. I would have gladly paid a large monthly fee for a legal service as good as Oink - but none existed, because the music industry could never set aside their own greed and corporate bullshit to make it happen."