This. All day long.

Code was never the scarce resource. Your neighbors' nephew could code a working website that would service the corner shops needs since ten years ago.

The value is and always will be the support and community behind the code.

HN isn't valuable because of a code repo, but because of the community of users and a steady hand cultivating the continued participation thereof. But this too has no real moat, something could change the zeitgeist and tomorrow it joins friendster and TheGlobe.com