When you put a Moderated hashtag on an already existing topic, all replies from that point on are, correctly, moderated. But if you put such a hashtag on a Topic when it is first created (i.e., when you post the first message), even the first message itself is moderated. This seems contrary to intention (hence my using #bug in addition to #suggestion for this conversation) and serves no obvious useful purspose. All it does is subject the creator of the post to moderation in the very post itself.
The suggestion is to change the behavior (and also the description - see below) of the tag so that for new topics with the tag, only replies to the topic are moderated, not the first message itself.
The description on the hashtag page currently reads "Messages with this hashtag will be moderated." It should read "Replies to topics with this hashtag are moderated."
Messages are the sole opinion of the author, especially the fishy ones.