It seems like it would take about 1 day for this to go from truths and half-truths to just a contest for who can write the most shocking or offensive statement. At that point, who cares if it's your name being used on a made up shock-value joke or story? Any real information would be safely obscured by a mountain of false accusations.
Surely it takes most of the sting out of the insult when everyone is getting continuously insulted anonymously.
If you rationalise and understand the triviality of the situation and the ultimate stream of nonsense that the App apparently is, would this affect you?
It seems one would be emotionally affected upon _failure_ to make this rationalisation.
You assume everyone uses this site/app/whatever. Its obvious (for me, maybe Im wrong) that its something for adolescent girls and maybe bullies, normal kids wont find anything interesting there.