Is it good to spend much of the time on net just with chatting, insulting and flirting with unknown persons?

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There is no reason to ban the internet over someones actual or perceived overuse. It's a wealth of knowledge and a flood of people with different opinions, actions, and quirks. While I personally think it's a waste of time to troll and insult people because of my beliefs, I see nothing wrong with chatting and flirting with anonymous people. I've made a lot of great friends (and some bad ones) by doing both.

The problem is not the internet. The problem occurs when you explore the world wide web in excess. This is true for anything however. Surf to your heart's content, talk to anyone and everyone, but just remember to take care of yourself and others too.