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At some point, it stops being a valid excuse, i.e. when you use it as a justification to bully others while doing nothing when others are bullied.
Also, the childish connotations of the term are annoying, especially in the Amanda Todd case in which it downplayed the seriousness of online sextortion.
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Honestly, "bullying" is basically a synonym of "harassment", just with a connotation that the involved parties are on a schoolyard.