It would change the feeling in the community. It would introduce barriers in communication that would make it harder to relate. It would fuck with the psychology of both moderators and non-moderators, the same way that uniforms do. It would turn the mods into abstractions/roles rather than human beings. It would infect HN with that priggish approach to authority which appeals to the smallminded and depresses creativity. It would signal lack of trust. It would demoralize any moderator who didn't have the soul of a meter maid.