Is social media dangerous?

For years now, I've seen a potential threat in social media, the Internet and the development of these both.
Social media is something that is ultra modern, completely our own, and something we as human race celebrate. But admist all that pride, I see cause for worry.

Back in my youth the Internet was a brand new invention. Everyone was told never to reveal their names or photos on the Internet, and this was a given for my generation. 10 years later, you post pictures of yourself on the Internet daily and share all your thoughts with the world, sometimes completely unfiltered. This seems natural, as everyone else is doing it, too. And how convenient it is, to have all your friends and the whole world with you 24-7!
Social media is still young and is far from seeing its final form. Where will it go from here? Many people are screaming for complete freedom of speech, as it's ofted seen as the epitome of human development and worldwide peace. I've seen cases of people getting conviced in court for "illegal" Facebook likes. No kidding, this has really happened in western countries more than once. If you like a Facebook post that's considered offensive, you risk getting sued. I understand this sort of Orwell-esque control leaves people craving for freedom. But what is absolute freedom of speech like?

I don't think most of humanity is ready for something so drastic yet.
Even though social media has become a direct extension of our "real" lives, many people still think the Internet is an open playground for their egos, somehow less real than reality. Cyber bullying, online lynching and all sorts of problems arise from the fact that people are allowed to express themselves globally from the safety of their homes. Critical thinking is often abandoned, opinions turn extreme and black-and-white, and the only thing that people seek is a cure for constant boredom. Creating drama and conflict on social media becomes an important part of daily life for many. On social media baseless rumors often supercede facts because they are more interesting and "fun" than seeking out the boring truth.
I've seen countless cases where a normal guy, just like any of you, has been the target of intense hatred from thousands of social media users, for basically nothing. If you get on the wrong side of social media, one way or another, you will be eaten alive. The friendly online community soon transforms into a merciless pack of piranhas that will never leave you alone. If you lose your reputation on social media, it's over. This is simply because social media is such an easy way to express anger and build your ego by rising above people you don't even know. If you hate your neighbor, you don't say it out loud when you meet him outside, but online you might. Do you ever do this? When you see a post on Facebook about some random scumbag who has allegedly done something bad, don't you get the familiar feeling of sharing in on the hate and dropping a persecuting comment? It feels good. You feel morally superior. Group reactions and feelings like this are what distorts social media unless it's moderated objectively.

So, should social media be completely free or moderated? I'm not sure. Maybe we shouldn't be so black-and-white about it to begin with. . What we need to do is take a good look in the mirror every time we post something online. No click or press of the keyboard comes without consequences, and there are always people just like you on the other side of the monitor, with feelings and all.