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Sounds fun. We can pretend we're in The Expanse, and we have to deal with the communication lag between Earth and Mars or the Belt.

Replace the button with voice recognition and let the people say "over" when they're done talking.

Dropped calls every time you utter the word "over" don't sound like a usability enhancement

Hmm. With decent enough speech recognition machine learning (!) you could have the system act as "chair" and decide who it thinks should be speaking, with appropriate UI cues.

Quite tricky as you have to interpret non-speech vocalisations.

so...Snapchat?

If snapchat was a continuous stream like a skype meeting, yes