Oops, yes it would. But actually that seems pretty crazy. You should be able to create a topic with either a moderated or a locked hashtag or both and have the first message post normally. I will do some further testing. This seems to be a design bug.
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J

Messages are the sole opinion of the author, especially the fishy ones.
My humanity is bound up in yours, for we can only be human together. - Desmond Tutu