Do you have another hypothesis about what the term means in context? I note that "it's a reference to Paradise Lost" is not very descriptive: for example, if I talked about "Google's Frodo" you might ask what I mean by that, and "he's a character in Lord of the Rings" does not answer the question.
Take a look at, say,
http://www.nybooks.com/search/?s=moloch&option_match=&year_a...
Lots and lots of Moloch. Your hypothesis is 'it's a reference to some logorrheic blogger'. Sure, it's possible you're right but it's one hell of a weirdly specific guess. It's not like the three people to ever mention Moloch were Milton, Ginsberg and internet-man-addicted-to-his-own-typing.
I just read the character description for Moloch in Paradise Lost, and don't see any obvious theme you might tie to Google.
In fact, I'm still not quite sure what the original comment was trying to say. Apart from some fuzzy notion that capitalism is sort of like Moloch and we keep feeding it with our "children". Where children is what? Privacy? Money? Open source tools?