What are your thoughts on social media privacy?

My 11 year old (almost 12) has a private Instagram account that I know the password for ...but I am somewhat uncomfortable with letting her have social media accounts since all the things I hear about bullying and such and it's especially with kids that young they take everything soo seriously and dramatic. Her friends have had some vicious cat fights on social media that they would never have in real life for example. I told her she could have it if I had access to it so I can monitor it in case she gets some weird messages or spam followers etc.. so she knows the account isn't private and she's fine with it. Also she can't post selfies since a lot of the kids can be mean with pics and I just dont want her pics all over. The problem is her friends in there seem to have free access to say and do what they want with zero parents keeping an eye on them. They insult each other, swear like truckers, post tons of selfies that i think aren't appropriate for kids that age to put online, like in bikinis. They follow everyone and let everyone follow them. So my daughter saw that and asks me constantly why they are allowed and she isn't... I'm not caving on my rules for now but I am wondering what everyone else's opinions and rules are. At what age is ok to let them do what they want on there, (I.e. have a password you don't know). Also what do you allow them to post, do you read conversations to make sure people aren't bullying them? I mean I have mixed feelings because I know a lot of kids these days are getting most of their social skills from social media.. yeah it's sad but it's the way of it. So I don't want to be too nosy but the internet is a huge mean place when you aren't mature enough to handle it and I don't want her get into trouble. This isn't like just kids talking private in real life.Anyway your thoughts and experiences are welcome! via /r/Parenting http://ift.tt/2c9IKVt