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If HN and other forums are doomed to become 4chan, it would probably be a net positive in my life. I waste too much time here.

Why do people associate 4chan with not having moderation? It's always had moderators ("jannies"), and they are a common target of disdain.

/g/ is far more entertaining than HN.

I would say it is less moderated, but to be frank I really don’t have any data and I don’t spend time there.

4chan is as or more heavily moderated than most of reddit, I'm not sure where you get the idea it's not. 4chan culture is the way it is largely because of the demographic of its users, it doesn't really much to do with its moderation policies.