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It allows large companies (FaceBook, MySpace, Google) to obtain insanely large amounts of information about you, which can both follow you for the rest of your life (Employers check this data before they hire you) and it can be sold to third parties. These third parties are usually advertising firms, and the information they buy can be used to advertise (or spam your email) with the things you would be interested in. This information can also go to government agencies (CIA, FBI). This should not be enough to deter you from using social networking altogether, but it is important to remember that anything you post will go to people that you may not want to have your information. For this reason, don't post anything important, or identifying.

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12y ago
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