TedModeration, who does it better:
A) A company with millions of dollars in funding, and the backing of multiple investors with social media experience.
B) A handful of volunteer queers
Eppy NWSC) A handful of queers with clear and transparent guidelines for moderation and a "Break in case of Discourse/Drama Booze-requiring emergency" piggy bank that takes all donations not used to run the server... which keeps them around after whatever drama/discourse to update the aforementioned clear and transparent guidelines with new examples of what/not to do.
I've seen WAY too many meltdowns/implosions that were a result of "The [queer] admin and moderators wanted to run the server like "High School, but this time we're the popular kids" and the only thing that's was "good" about that was that the instance Suddenly Going Away in a Fit Of Pique was only PART of the network.