@Soulfox -- it is a pity that you have picked the most negative aspect of social media to mention. Don't get me wrong. I agree with you all the way on this, but people should also keep in mind that there is a lot of good that comes with social media, too. It is a great way for old friends to keep up with each other even though they live far apart (that's just one example of the good that comes with social media).
As for the bullying, that highlights why parents should know what their kids are doing online. Parents who have kids that are being bullied should know about it so they can talk about it with their children. Parents of bullies should also discuss a few things with their kids.