Yes, the high caliber of HN participants is what really sets it apart, and the great moderation by dang et al that stops it from descending below a pretty high

Yes, the high caliber of HN participants is what really sets it apart, and the great moderation by dang et al that stops it from descending below a pretty high bar has prevented the normal attrition-for-attention that drives the best users away. I think the spartan design has also helped keep out people who aren't committed to a high level of online discourse. Most platforms are going to have a chicken and egg problem. HN didn't because this guy who had millions of dollars told the people he gives it to to use HN. Pretty effective way of seeding a community. IMO the absolute best thing about HN is that when we're discussing a news event, often the newsmakers will materialize in the thread. Spontaneous stuff like the Alan Kay AMA just happens. That is what really makes HN invaluable, and it only happens because we're able to maintain the type of community that those people want to hang around in.