Static HTML hosted by nginx? How many hits do you honestly think being on TechCrunch would get you? 100,000? 200,000? 500,000? And over how much time? 500,000 requests in total over the course of a day?
nginx or any high-performance platform is designed to deliver hundreds of thousands of static responses in a second on high-performance hardware. Even a micro instance, for all its infinitesimally tiny CPU power, can deliver a small fraction of that. Let's say for the sake of argument a micro instance provides 0.5% the performance of an i7 2600K.
Knowing that an i7 2600K can easily saturate a gigabit Ethernet connection with over 200,000 small responses per second [2], and knowing that it's even easier to do so with large responses, we just have to be comfortable that our micro instance can handle your 500,000 requests per day. 0.5% of 200,000 rps is 1,000 rps. With 1,000 rps, we could fulfill our entire day's worth of 500,000 requests in 500 seconds.
Being #1 on the HN home page will yield sustained traffic in the realm of 10 to 30 requests per second. I think there's a lot of confusion about the load generated by being on the HN home page because we all have seen sites taken off-line by upvotes. That is more of an indication of architectural failures in web applications than a failure of the hardware.
[1] An important caveat being I understand that Amazon throttles active micro instances using some arcane algorithm that I've never actually taken the time to understand. It is certainly possible that they would throttle its performance so much that you could not handle a few dozen requests per second. But that too seems implausible to me.
[2] http://www.techempower.com/benchmarks/
Additional caveat: you need to not make silly mistakes in your nginx configuration.