Social Networking - Has it become a tool for public display of success

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Hi friends, Do you think Social Networking websites have become platforms for showing off whatever a person has achieved in her life, seems like everyone is competing with each other to show how happy they are, what a great spouse they have, what a great house they have, etc. People spend lot of their hours in uploading best of their picutres and seems like it has become mandatory for people to update each and every event of their life.