Online Gaming, Net Surfing and Chatting: Would you allow your kids to do this?

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Would you allow your kids to used internet without your guidance? Nowadays kids really love to play online games, surfing the net and even at their young age they already know on how to chat with other people online. As what I had observed on the kids that used internet now, most of them already loves chatting. And we older ones knows that there are some people who only chat for some nasty things. How could we prevent this one? Help me share your views and opinions regarding this matter.