This subject has been very interesting to me. I purchased a book a few weeks ago entitled Virtually you: the dangerous powers of the E-personality by Elias Aboujaoude. This ties into the reality and fantasy of the digital world for a few reasons. The user online can virtually be whoever they please; whether they choose to be themselves or a fantasy created avatar.
In terms of digital history you have to be aware of what is and isn't factual. If the moderator consistently told lies and abstract information, it would be wise to hear what they say for entertainment purposes; I just wouldn't take them serious.
In some cases, it's hard to decipher reality from non-reality online. Manipulating propaganda can influence the fantasy of a situation in many ways. Primary sources such as videos, pictures, and eyewitnesses can be turned into something that it is not. I just feel that it's up to the reader to use common sense when examining something online.