I fear the social effects. The days of making long distance friends or relationships over the internet are over. Anonymous communities that don't implement strong KYC are over.
It may be a great thing. We have in-person events vs. completely fabricated online wonderland. It might - I hope - mean that people flock back to IRL activities.
OTOH, I have several very deep, meaningful and valuable friendships, spanning decades, with people I've never been physically near. Losing the ability to develop those sorts of relationships is a very real loss.
And I have never stopped seeing my IRL friends in person. Those, I almost never talk with electronically.