What's terrifying about Facebook and its ilk

Douglas Rushkoff responding to Steven Pinker at Edge.org:

Facebook -- as a way for college kids to meet and greet one another -- was a terrific program. As a mirror through which young people forge an identity, however, the program is lacking the nuance of real life. Facebook -- more than a program to be feared for its code -- is a business plan to be feared for its ubiquity. The object of Facebook is to monetize social interactions. This is the bias of the program, and a bias of which most people are painfully unaware.