Slang term for Sriracha Thai hot sauce.
Comes from the fact that Sriracha is and has become ubiquitous in most hipster-type eating/drinking establishments and the kitchens of the more "arty" college students at your local liberal arts university. While Tabasco (and to a lesser extent, Texas Pete along with several others) was once the universal hot sauce used in cooking and spicing up certain foods, Sriracha has generally replaced it as a hipper/cooler alternative to the boring old slice of Americana that Tabasco can be considered. However, Sriracha can only be considered Hipster Tabasco if it is used unnecessarily on foods that don't normally require or taste better with hot sauce. Either way, it's just another way for kids that had no culture before they left the suburbs to prove to the world at large how much cooler they are than you.
Can be found at most asian markets, better grocery stores, and in the half-used variety on moving day in dumpsters outside any place college kids have been living.
Having a hard day? Hung over from being a Free Lance Party Photographer? Fell off your tallbike after someone with a job they have to go to pay for their student loans cut you off in their car while you were impeding traffic? Try a Hipster Sanguinary Maria Redeye! Take one CAN (has to be can!) of PBR, mix with your favorite tomato juice, and throw in an unnecessary amount of Hipster Tabasco. Serve over ice and enjoy with your favorite brand of cheap cigarettes until you vomit! Take pictures, post on Facebook, and repeat!
Or just throw it on that gluten-free or what have you abomination of food you bought from whatever trendy restaurant and/or grocery store that's near whatever overly gentrified area you're living in!