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100% the right way. As kids age and mature it changes. When you have young innocent kids you should be more protective. Just as you would in the real world. You don't let them wonder off into the street for example. As they get older and you teach them you can trust they won't run into traffic. But they aren't street smart yet. So you teach them. Then it moves to coaching. And hopefully as they mature you become a trusted advisor. More of a peer.
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Speaking as a kid who came from a very strict house -- parents are never going to be able to lock all the doors and prevent kids from getting in to stuff they shouldn't get in to.
With my own kids, I'm trying to put the emphasis on being able to think about potential consequences of what they do online and to grow shrewdness in them. I figure if I do these things at all well, I won't need to worry about policing their online activities.
(I'll also say that I value paying attention to them and I'm hopeful that I'll notice if something weird is going on in their life)