Aside from "Old man yells at Facebook" on this thread, there are benefits and drawbacks.
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I resemble it, too, but I've been yelling at Facebook since way before I got old.. heck, I was yelling at MySpace. The fact that there are alleged benefits to it (and yes, some of those are valid) does not tip the risk-to-reward balance in it's favor for the vast majority of people, whether they recognize that fact or not. There are benefits to heroin, too, but not enough to make using it a wise decision for all but the terminally ill in untenable pain.
The issue with social media in general, and Facebook in particular, is that it is replacing, to an exponentially increasing degree, normal face-to-face or at least voice-to-voice, kind, thoughtful human interaction. We are simply not better off, as a society, relying on a medium for communication that strips away the nuances of facial expression (Yeah... .right.. "emojis" are just as good... sureeeee......), vocal inflection, a soft touch on the arm when making a joke to make SURE the other person knows it's just a joke and you DO care about them....
The little hits of dopamine when you see someone "like" your post.. the constant need for validation of one's opinions on a minute-by-minute basis.... I've seen it ruin too many people's lives and relationships. Folks are weaker for it, less tolerant because of it, reliant on it for happiness rather than actually living full, productive, kind lives helping those in their community. Yes, I have a very strong opinion about this. Yes, there ARE people who DO use social media and do fine... it is possible. There are also people who, for whatever reasons, can drink a fifth of booze every day, smoke two packs a day, and live to be 90 years old. Doesn't mean it's a good idea.
There... I yelled at it some more...

Just my opinion. I had a Facebook account for about two months, many years ago. Saw the awful side of a lot of people I used to think quite highly of, closed my account, and never looked back. Also been an active participant on several other forums over the years... two for pilots, a few vehicle-specific forums to help with keeping some of cars/trucks in good shape, some electronic forums to help repair and build gear, and two sailing forums. EVERY last one of them, the longer I participated, showed folks devolve into cruelty, intolerance, and hate. Not everyone, of course, but usually the most frequent participants; the squeak wheels, the loudest mouths.. they ruined it every time.
This place seems quite friendly, and the rules so far seem to be enforced QUITE fairly and evenly. Kudos to all. Maybe it's the ol' bass player vibe...
To those who dig FaceBook, Instagram, etc... dig away. Just be careful. The biggest danger is that the dangers are not apparent.
Just finished practicing for a few hours, and my hands are sore. Gonna go play with my dogs and take my wife out for a beer. Life is good. Blessings to all.