> And those penalties are based on the cost to the other guy. So if warner falsely demands your youtube video is taken down - you lost no money so even if they lied the penalty is zero.

DMCA notices include the required text "under penalty of perjury". Perjury qualifies as a criminal felony, quite aside from any financial penalties. Unfortunately, nobody has ever enforced that requirement; someone ought to. Perhaps with the parties responsible for sending such notice imprisoned for up to five years (http://www.law.cornell.edu/uscode/18/1621.html), they'd think twice about sending false takedown notices.