But unlike YEurope, which is just a copy-cat, your source of members (at least initially) are those whom YC didn't accept.
And in terms of fostering a (again, friendly) rivalry with YC, it's a neat conceit (especially if any of the YC rejects outshine those that got accepted).
So, I was talking with my cofounder, and we came up with Bootstrapacitor.com. It has "bootstrap" in the name and also has the capacitor connotations of storing energy and letting it build up until it escapes like a lightning bolt. Also, there're tons of flux-capacitor jokes we could include (we - meaning the site users - are collectively inventing the future, after all), and the flux capacitor is even shaped like a Y!
And in terms of fostering a (again, friendly) rivalry with YC, it's a neat conceit (especially if any of the YC rejects outshine those that got accepted).