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The Yahoo! News boards are probably the worst example of this. Each news story has an associated message board. No matter what the story is about, the discussion invariably degenerates into a racial or religious fight, or predictable talk radio style "liberal vs. neo-con" bickering.
At the other end of the spectrum, I myself started a board with virtually no moderating, and it worked well because the members were invited by myself or people I knew pretty well. The terms of service made it clear that any stupidity would be rewarded with immediate arbitrary banning without warning nor reprieve.
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