Social networking is very useful for allowing people to connect with and keep in touch with one another, spreading news and other information, and for promoting content. Todays presidential candidates constantly use Twitter to reach out to their supporters and promoting themselves and their ideas. News and weather companies have also embraced social networking as they realized how important it is for communicating and spreading information. "I believe the benefits provided by social network sites such as Facebook have made us better off as a society and as individuals, and that, as they continue to be adopted by more diverse populations, we will see an increase in their utility. Anecdotal evidence of positive outcomes from these technologies — such as political activities organized via Facebook or jobs found through LinkedIn — is well-known, but now a growing corpus of academic research on social networks sites supports this view as well." Nicole Ellison says in the article Is MySpace Good for Society? A Freakonomics Quorum.
Of course with all the pros social networking brings to the table, some cons are also present. With social media and networking, peope are able to put all sorts of info about themselves (or others) out there for anyone to see. With this, exploitation, blackmailing, identity theft, slandering, and more are possible by malicious parties. In Jeffrey R. Young's article They're Back, and They're Bad: Campus-Gossip Web Sites he talks about school social media gossip websites in which students were able to talk trash about one another anonymously. "A female student found her name posted on JuicyCampus in a message calling her a "slut," a "whore," and other, more colorful and sexually explicit names." Actions like these can destroy a person's reputation in only a few hours and can possibly follow them for the rest of their life.
Regarding the future, I don't really know how much social networking will evolve, but it would be crazy to see it evolve to the point that online voting is possible.
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