SelectiveReading Gives You Control Over Read Receipts in iMessage
In iMessage, you have the option to enable read receipts, which tells the sender of an iMessage that you’ve read the message.
When read receipts are enabled, your contacts will see a read status underneath your messages with a time stamp showing what time you read their message.
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http://feeds.iphonehacks.com/~r/iphonehacks/~3/amlMSvD8Vlo/selectivereading.html