I read this exceptionally fine article the on adbusters the other day about hipsters. Basically, how they are a "counter-culture" movement that thrives on nihilism, without a maxim or a goal short of having the coolest bicycle. Their rebellion is all about their image. Interesting too is the fact that hipsters hate to admit they are hipsters. It's probably one of the only cultural posses in American history that has no self identifying members.
The article also brings up a good point about the appropriation of previous movements. Namely, that hipsters love to emulate the trappings of the working class; Flannel Shirts, woolen caps, and PBR. Its a huge part of the identity, that has become cool through the lense of irony. There is no better example of this than the ironic hipster moustache.
Its hard to pinpoint when moustaches stopped being equated with 70's porn stars and started being "funny". I think it kicked off sometime around this:
Personally, I'm not really bothered that people want to wear their sarcastic fads on their faces. In fact, I think that some people even look good with a little lip hair (though I have technically forbidden Paul from having one...). I do think that the trend has gotten a little out of control though, when even horses are doing it to get hipster cred.
This last horse, Alfie, is so proud of his moustache that he runs away if he thinks his owners are trying to trim it. Somebody get this Stallion an American Apparel T-shirt, stat!