Does Facebook promote social anxieties?

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For a while I managed to get away with not having a Facebook account, as I felt I didn't want other people (sometimes even strangers) to see my details. However, soon my friends stopped texting and emailing so much, and dropped their online blog that once they had been so faithful to! So, I set up a fake name on Facebook and allowed only close friends whom I trusted to access it. Now I face somewhat of a personal dilemma. Am I simply feeding into this social network that reeks, to me, of being an online beauty contest? I see people with hundreds of friends, fun photos and all faces (haha) of a wonderful life, and I can't help but feel insecure. Do these people really have much better lives than me? Or is it all a front? Please feel free to let me know your views!