Ummmm...
Neither, really. Or both, perhaps. A combination of the two really, like the following?
https://zotum.net/channel/tallship?mid=ef5f6382-d98f-46f8-a9de-0f57b6ac4940
As you can see, you're only addressing the tags as #labels following a post, whilst most folks tend to #hashtag their #articles inline as they type out their posts.
Having a facility to integrate those two methods is of great benefit and note that in my example not all #tags are duplicates between the two methods of presenting them.
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