The general problem with social networking online is that just about anyone can know a lot about you in a very short amount of time. Facebook was so successful at dealing with this because its system used your college email address to verify that you are indeed a student at the school. Myspace, Bebo, and others didn't have this check in place and therefore ended up with a completely different atmosphere and user base.
Will Facebook last? Probably, in some form or another, but college students survived for years without it, and they can and most likely will do so again if Facebook continues to alienate its users.
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