Milton Mueller at the Cato Institute:
Social media are now widely criticized after enjoying a long period of public approbation. The kinds of human activities that are coordinated through social media, good as well as bad, have always existed. However, these activities were not visible or accessible to the whole of society. As conversation, socialization, and commerce are aggregated into large-scale, public commercial platforms, they become highly visible to the public and generate storable, searchable records. Social media make human interactions hypertransparent and displace the responsibility for societal acts from the perpetrators to the platform that makes them visible.
This hypertransparency is fostering a moral panic around social media. Internet platforms, like earlier new media technologies such as TV and radio, now stand accused of a stunning array of evils: addiction, fostering terrorism and extremism, facilitating ethnic cleansing, and even the destruction of democracy.
More here.