Originally Posted by Barefootsies

Correct

If the forum/blog is moderated in any way that voids out DMCA loop hole you are referring to that applies to search engines and ISP's. Their well documented argument is that the spiders index material, and there is no approval process or moderation.

Same as that site that was in the news a few years back where women complained about men they dated and wrong scathing nastiness on the site that some dude was pissed about. The issue comes down to moderation.

If the site owner approves, or moderates, in any way. They do not have any DMCA safe harbor protection. Watermarking stolen content is a slippery slope. However, it is always nice of them to stamp it so you can track it back to the source and show examples in lawsuits.