There is a precedent for this - there are a few forums that operate on the basis of the thread creator being the moderator for that specific thread.*
This only works if the OP is a fair-minded person, and unfortunately there are a number of people contributing to this forum that simply could not be trusted to moderate properly or fairly.
It would also encourage multi-threading where two or more topics discussing the same subject all run side-by-side, and all biased on one side or the other of the argument instead of a single, cohesive discussion. It can start to make a forum very messy.
It would also become very difficult to inform someone of improper behaviour or inappropriate use of the forum if they choose to delete anything that contradicts them. It would still be up to the moderators to correct situations like this, and we're back to square one again...
Not to mention that the process of changing to this new system would require a lot of work on Victor's part, or a change to an entirely new forum platform which would be a major disruption either way.
*It should be added that the forums I speak of have very strict usage rules and substantial formal trial membership periods to weed out idiots and encourage new users to spend time getting to know the system before they can even start posting more than once per day.