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I like Facebook a lot. Half of the civilized world uses it. I think it will be worth the IPO rate. The theory is that no advertising will survive except targeted advertising which takes into account who you are and what you like. These are things FB knows about us because we told it and our friends also told it.
The big question is whether it is a fad a la Myspace. I think it has enough infrastructure to be blue chip Internet and not suddenly go away by making some terrible privacy setting error.
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