This was posted on /r/speedruns originally by me, but I felt it could fit in here. I'll do my best to explain things to people not familiar with TwitchTV.

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On Saturday Nights, many speed runners compete in Ocarina of Time bingo, which is where runners must complete a set of 5 tasks in any order as fast as possible. RunnerGuy (a long-time OoT runner) decided to participate while being drunk. Many fun times were had watching DrunkerGuy fail glitches he normally would've gotten quite easily, but the actual bingo part isn't important at all. What happened after the run started it all.

RunnerGuy is a big fan of FrankerZ (an e-mote of a dog that has become wildly popular to spam and is associated with "hype"), and in his drunkenness even more so. He held an afterparty where he sat and played the FrankerZ song over at tehurn.com/FrankerZ while he "directed" the "FrankerZ train" to various Twitch channels. Basically, the streamer where the FrankerZ train has landed would have massive ASCII art of FrankerZ spammed alongside the regular FrankerZ face, and the streamer who is being raided becomes the "conductor" who picks the next person for the raid. Runnerguy would direct the train to Twitch users, most of whom were SRL (SpeedRunsLive, a community of speed runners who stream their games live and participate in many races) people and knew about it, in order to see their reactions. Eventually, the train was beginning to run out of SRL people to link to (RunnerGuy wanted to find people who didn't know about the FrankerZ train, in order to get a better "LOL WTF" reaction), so non-SRL people began being linked as well. Some of these users were from Team Ludendi (European version of SRL), but others were unaffiliated with speed running at all. This is where the problem began.

Twitch user Crumps2 (a non-speedrunner, but somewhat popular video game streamer) was linked, and his chat flooded with FrankerZ e-motes and ASCII art. A Twitch admin by the name of Itaku happened to be watching Crumps2's stream, and had set-up an anti-spam bot to monitor Crumps2's chat. The bot, however, enacted an incredibly large number of bans so quickly (because the FrankerZ spam came so quickly and in large numbers) that it itself was IP banned for ironically "spamming" the chat. Subscriber mode was turned on in the chat, and Crumps2 and Itaku were both visibly angry. Itaku allegedly said that he was going to go through the chat logs and IP ban any user who participated in the spam raid (later clarified by another admin named George that only ASCII art spammers would be banned). Itaku and Crumps2 allegedly used a few slurs against the people from the FrankerZ train in their rage, and Crumps2 laughed at the raid by telling them it was only going to raise his viewer count to the point where he could apply for Twitch partner. The combination of the bans, alleged use of slurs, and Crumps2's condescending remarks angered the people from the FrankerZ train, and many took to RunnerGuy's (now empty, as he was offline) chat and IAteYourPie's (in the middle of a Paper Mario All Cards race, but otherwise previously unrelated to this drama) chat to speak about their anger.

Now it gets even crazier. A lot of mud was slinged around, screencaps of convos posted, and many SRL runners involved themselves in Pie's chat and on Twitter. Pie HIMSELF calls out Itaku on his stream, and tells people to report Itaku ON STREAM. The admin named George shows up and turns on subscriber mode on Pie's stream to have a direct conversation with him as well as the other SRL runners on Pie's chat. I'll try and sum up the arguments both sides made here:

FrankerZ Train/Speed Runners:

1) IP banning was a disproportionate reaction to the FrankerZ train.
2) FrankerZ train was friendly, and would leave within minutes.
3) FrankerZ train exposes viewers to new streamers.

Crumps2/Itaku:

1) It was unnecessary spam, flooded the chat. The streamer never asked for it.
2) Caused chat servers to slow down, likened the raid to a DDoS.
3) Raiders broke the streamer's chat rules.

Both sides kept to their own chats, and each felt they were in the right. The man who started it all - RunnerGuy - even showed up on his offline stream's chat (apparently sobered up) to find out what the hell just happened. Who would've thought an e-mote of a dog would have caused so much trouble?