I think there is a simple explanation - it has managed to become a gathering place of intellectuals. HN is not too much different from reddit from a technical v

I think there is a simple explanation - it has managed to become a gathering place of intellectuals. HN is not too much different from reddit from a technical viewpoint, so nothing there shows success/failure. Content is the main driver here. IMO, HN's moderation is too weak and allows onerous behavior with downvoting/flagging, even sometimes resulting in important discussions about subjects in tech getting squashed. However, Reddit allows debasing of other people and some of this behavior is acceptable behavior there. This cements in my mind that while HN is not perfect, it still has managed to attract a critical mass of people to sustain & bring in newcomers who are interested in a more welcoming environment to diverse ideas and meeting enough criteria to a broad enough audience to keep a balance.