This blog has previously mentioned the process of ‘fishing down’ marine food webs: you start with big delicious predator species (tuna, salmon, etc) and fish them to local extinction. Then, you catch smaller and less tasty things until the area of sea contains only plankton and jellyfish. This is a rational thing to do in the right circumstances: where access to a certain area of sea is free and unrestricted, and where everyone else is driving the resource towards destruction anyway. The best you can do individually is cash in while you can, since the resource is getting destroyed anyhow.
It seems that something similar is happening in relation to horns used for traditional Chinese medicine. Back in 1991, conservationists concerned about the decimation of rhino populations for medicinal purposes tried to encourage the use of Saiga Antelope (Saiga tatarica) horn instead. The World Wildlife Fund tried to encourage pharmacists to substitute the horns of the less endangered antelopes for those of the more endangered rhinos. Now, antelope populations in Russia and Kazakhstan have fallen from over 1,000,000 to just 30,000 (a 97% decline).
Switching from the unrestrained usage of one resource to the unrestrained usage of another just shifts the focus of the damage being caused. In order to create sustainable outcomes, restraint must be enforced either through economic means or regulation.
As an aside, there does seem to be some scope for reducing the horn trade by reducing demand through education. While horn is apparently an effective remedy for fever (though less good than available drugs not made from endangered species), the idea that it is an effective aphrodisiac can be countered. The rigid appearance of horn hardly makes it likely that it actually has chemical aphrodisiac properties, though it may strengthen the placebo effect already bolstered by general reverence for tradition. Apparently, the advent of Viagra has reduced prices and demand for rhino horn as well as seal and tiger penises that have traditionally been employed (though less effectively) to the same end.