The problem with the effect of social media, is that it is just so hard to quantify. We know it affects people's behaviour, but we just can't exactly say how.
For example, "Radio was the cheapest form of entertainment, and it was the most popular medium during World War II. The accessibility and availability meant it fueled propaganda and could reach a large number of citizens. Radio helped entertain and inform the population, encouraging citizens to join in the war effort." Radio Propaganda in World War II | Historical Spotlight | News | Wargaming
Sound similar to social media? If you can get people to join a war using radio, surely you can get them to buy stocks and cryptocurrencies etc via social media.
