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Hackers can use certain methods to gain access to databases of major social media companies, which have personal information of up to a million people. Such information includes, but is not limited to, phone numbers, birthdays, email addresses, or more critical information, such as the chat history of certain individuals. These information (such as phone numbers and chat history) can be sold to other companies. Phone numbers are sold to scammers to send betting ads, and even phishing links, to the individuals. Chat history can be used to further enhance targeting marketing.
This isn't copy pasted. ~An Yi

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Using social media platforms such as WhatsApp can help people communicate easily with others by sending messages online, which allows users to communicate with each other at their own discretion.

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Social Media allows ill-wishers to perform unsavoury acts without suffering from severe repercussions 

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Social Media allows ill-wishers to perform unsavoury acts without suffering from severe repercussions 

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With the help of social media and the anonymity it can provide for users, these users can commit atrocities online, such as spreading extremist ideals, while social media platforms can only ban their accounts. They will not receive their rightful punishment as long as they remain anonymous.

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Some people spend many hours on their devices browsing social media, since there is an endless amount of content curated based on your usage.

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When certain information is obtained, such as what people watch on Youtube, or what they see on Instagram or Facebook, some of these information obtained can be used to blackmail an individual.
This isn't copy pasted. ~An Yi

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Recently Whatsapp changed its privacy policy, many people fled to other apps such as Telegram. However, why did Whatsapp change its privacy policy? It is because it wanted to boost targeted marketing. If it can gain access to your chat history, it knows what you are discussing with your friend/parents. For example if you were discussing what to eat for lunch, suddenly when you open Instagram or other apps, you will see a lot of food advertisements. This is targeted marketing.
This isn't copy pasted. ~An Yi

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Through excessive use of social media, users may neglect real life interactions, and cause their social skills to decline.

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and they still can create new social media accounts...

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When you start watching a new topic on youtube, suddenly many related ads pop up! Youtube actually tracks what content you watch and recommends similar videos for you. That's why when you click open Youtube, you see videos that you are interested in, not other videos.
This isn't copy pasted. ~An Yi

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The ease of communication that social media provides also allows for the quick and effortless spreading of potentially harmful falsehoods. Functions such as “retweet” on Twitter and “forward” on WhatsApp makes this spreading much more easy.

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After much time spent online, users may grow used to communication online, and may no longer be as proficient in other forms of communication.

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Politicians can make use of social media platforms like Instagram to garner support from people.
For example