you're getting warmer. i've posted on this a couple of times now - and there's no need to reinvent the wheel.http://forum.bitcoin.org/index.php?topic=13758.msg189003#msg189003
the best moderated site on the internet - without a doubt in my mind - is DailyKos.
it is almost entirely self-moderating.
posts and comments have a (more or less - actually, it's called mojo) 'like' button, and there is a 'TR' (Troll Rate) button as well. if enough of your comments have been given mojo, at some point you earn the right to Troll Rate other users. if a user gets enough TRs on a comment, the comment is hidden from the forum. high-mojo users can see hidden comments, but nobody else can. one or two TR ratings usually summons a moderator.
it's a little more involved than that - but it works very well. people are allowed to make fools of themselves, but [EDIT: not] for long if they refuse to adhere to the rules of civilized and honest discourse.
i would urge the mods here to take a look at it.
i did forget to mention that on DailyKos, while you can post immediately, there is a delay before you can start a new thread - called a 'Diary' on Kos.