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I suspect the streams are optimized for people whose "friends" are actually their friends. My friends list contains 30 of my real friends that I care about, so these notifications you mention aren't actually Spam to me.

The problem is that a lot of people have turned number of friends into a high score, but when your friends list is 500 people you barely know, it seems like you are basically using Facebook for the wrong thing.

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Let's see, 349 friends today. I personally know every single one of them. Do you really care when one of your friends adds someone they met last night at a bar? Or when they change their profile pic, again?

I would say it's a combination of caring a little bit and having those events be so rare with only 30 friends that the signal to noise ratio is still really high.

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