Except creating something that looks like HN does not automatically attract the same crowd as HN. There are plenty of clean, meme-free, well managed Reddits. This new site could just as well turn into /r/bitcoin.

Also, anything bitcoin related is going to turn into a "circle-jerk". That's the point isn't it? They exist to educate, market, hype-up, and encourage everyone to use BitCoin. No thanks.

Why is this better than /r/bitcoinserious, /r/bitcoinmarkets, or creating a new subreddit for bitcoin?

Well, anything that might result in fewer BTC posts in HN is fine by me, for one...

Because of reddit's management policies and ownership by mainstream media. Not to mention the total control of Bitcoin-related forum threads there by anointed moderators who are also pump and dump propaganda masters.

That is also a potential problem with an HN spin-off not being run by the same people.

Correct, spin-off site operators need to be trusted not to be P&D moles. However, mystery odds beat certain odds of P&D message control (as seen in Reddit).

Because reddit sucks. There, I said it.

So brave.