The last is not. Reed's law is a extremely optimistic version of Metcalfe's law which gives clearly nonsensical results. And Metcalfe's law in turn seems to be overly optimistic. See http://spectrum.ieee.org/computing/networks/metcalfes-law-is... for evidence that the real scaling law tends to be more like n log(n). (See http://www.dtc.umn.edu/~odlyzko/doc/metcalfe.pdf for several other lines of argument leading to the same result.)
Note that when I say "tends to be" I mean that, depending on the details of a social network, the scaling law can differ. In particular a network that relies on relative strangers having interactions with other relative strangers, as happens with eBay and Airbnb, is going to scale much closer to Metcalfe's Law. By contrast one that depends on developing a circle of friends, such as happens with Facebook, the scaling law will be closer to n log(n).
Disclaimer, I have a bias here since I'm one of the co-authors of the n log(n) law. (Andrew Odlyzko did all of the work. And then we found out that Bob Briscoe had independently arrived at the same conclusion based on data that he had access to at British Telecom.)