I actually think one can make it work, one simply needs to account for moderation and flooding upfront.
The first feature you need is a way to instantly ignore people who are ruining the collective experience. I would think when a person is ignored by a certain threshold of people, their content should automatically be moderated.
The second feature that’s needed is some sort of flood protection or detection. If a user is pasting or trying to flood the chat with characters, they should be instantly hidden and their content be subject to moderation. Being able to distinguish between copying and pasting on occasion and flooding goes a long way.
Yeah, and we all know you're talking about Anon Pond Heron, lets be honest.