An approval process would be absolutely necessary for not letting any really dangerous or illegal dares to be submitted. On the other hand the site could reward the submission of very funny and creative dares (possibly according to some voting system).
Maybe it would be necessary to restrict the participants to be over 18 because the legal troubles you could get into if some kid posts a video doing something really stupid or humiliating could be severe.
Anyway - I'm all for it!
Funny - I just thought about registering bitcoindare.com just in case - but it seems only a few hours ago somebody had the same idea - I would not be surprised if it was because of this thread
Yes the name wasn't taken as of 2 days ago when I checked. I didn't buy it because I buy too many domain names and they just sit there. I really don't have time to work on this cause I have mining rigs a buildin and a one year old kid. I figured just throwing it out to the universe was a better option.