I don't see the second part happening.

Then, frankly, you haven't studied history. This is the tale of Europe in the 1930s, and it happened frighteningly easily. Don't get me wrong, the Nazis in Skokie, Illinois weren't going to pose a serious threat to society, and in most of the West the damage that would be done and the risks that would be taken in prohibiting the organizing of fascism far outweighs the benefits (especially since social censure still works pretty well IRL there).

But in somewhere like Greece where the Golden Dawn is mobilizing? "Unlimited Free Speech, Free Association" will lead to brownshirts murdering immigrants and beating down leftists in short order. In fact, it already has, although antifa movements have been putting quite a damper on their violence by denying them the ability to rally and organize.

More closer to home for most people involved in this: if there is another major economic crash in America then the likelihood is high that current proto-fascist movements like the Tea Party would morph into some variety of fascism, and these things can happen exceedingly quickly when the economic environment changes.

Online, fascists already rule large swathes of "territory". They are effective at turning Gresham's Law into a weapon. Look at Reddit's front page at any given day, let alone when racial unrest is making headlines. They have had more than enough rope to "hang themselves" yet they only grow stronger. Why is that? Why are "free speech" hubs the literal worst places to be on the Internet? It is because this is not about "arguments", as fascists have never relied on anything other than anger, fear and mistrust. It is about their ability to drive people away with violence, harassment, toxicity, and threats and to occupy the newly-vacant space. And liberals counter this with "We'll just out-argue them!" It didn't work in the last century on the streets and it's not about to in this one in the forums.