It probably does.
I'm too young to have known it but I think slashdot had a system like that?
It's only missing the comments for one to filter nowadays.
Once you're a bit more experienced you realize it's a bunch of hipsters talking about simple and insignificant technologies, and completely ignoring everything else as "old".
That being said, I think it's highly entertaining.
Are you telling me that a new CSS framework that will save you two lines in your CSS files is insignificant? Or a new <insert the current language that is hip>-style language in <insert a number between 1 and 100> lines of JS!
Surely these are the greatest inventions of our time.
The signal on HN has started to decline tho. Things used to be better. It's kind of inevitable for online communities tho.