The first thing that you have to remember is that in hipster circles, knowledge is power. As with so many nerdy pastimes, in part it was all about knowing more than the other people in your circle. With the rise of the internet, there was a sudden devaluation in the currency of knowledge. What was the point of knowing so much if that information was available to everyone in just a few seconds?
What we saw then was the rise of obscurities. If everyone had access to the information, now it was about knowing what to look for. So if you knew more strange corners of your nerdity of choice, then you got status. Of course it didn't do you any good if the curiosities were terrible. But if they were as good as, or better, than the stuff that everyone knew about, then so much better. So there's a certain stake in championing various lost and forgotten records as "lost classics".
Let's be honest: Cold Fact is not a classic. It just isn't. There are some really nice songs here, but it doesn't stack up against the stone cold classics from the same era.
And that's normally the deal with these lost classics. Upon close listening, it's obvious why these records weren't as successful as whatever they're being compared to. Usually, they just aren't as good.
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