"It can thus be shown that people who add friends or followers (or any  
other type of connection) without any type of discrimination are  
actually decreasing the value of the network (by decreasing the number  
of existing subgroups)."

"The people collecting virtual pseudo friends are actually  
transforming social networks like Twitter into a tragedy of the  
commons."

both quotes from Mário Valente great post about social networks:
http://mv.asterisco.pt/cat.cgi?Why%20Pseudo%20Friends%20Decrease%20Social%20Network%20Values

On twitter I only follow people with at least one of these conditions:
        - I've met personally
        - I've read them or their blog before
        - They're near me physically
        - They rant about topics that I want to know/learn/talk, like:  
amazon web services, mobile services or technology, systems or  
software and startups

So, I'm currently following about 260 people, which is a lot and since  
I read what everyone writes, I should cut some of them to increase my  
interest on those areas above described.

//VD
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