Last night there was an earthquake in the UK. The first media, to inform about the earthquake was Twitter. BBC had the story up a full 30 minutes after it had first been posted on Twitter. As we can see Twitter breaks the news cycle down to seconds, allowing instantaneous distribution of breaking news as it breaks - faster even than blogs, television or radio.
Certainly a serious coverage will always take longer than just telling in a few sentences what has happened. That is why Twitter(and other services) are for sure the fastest sources, but not always the most reliable.
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