I'm not all too fond of Facebook myself, but I do use it often, and I don't see a viable alternative yet in terms of popularity, userbase, and/or functionality. I really don't see why people hate Facebook so much.
I think the sentiments in this thread speak more to the trends and values within Web culture more than Facebook actually failing. People don't like sports in Web culture. People don't like religion in Web culture. People don't like Facebook in Web culture. It's hard to say whether or not Facebook can continue like this, only because Facebook is unprecedented, as are many things involving the Internet. Things need time to pan out, and unless you've been around since the Internet explosion (and I, at 24, haven't been online for long enough to grasp that,) I find most of these claims of Facebook failing to be biased and unfounded.
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This seems to be something that most large companies do. They test and try out new things. Sometimes they work, and sometimes they don't. Seeing as this is optional, just like many of the apps on Facebook, I logically cannot find much fault with it.
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If users want to use the function (and some will,) then Facebook will make money from it. If users don't want to use it, then Facebook won't make money, but I doubt they'll lose money. I'll bet that most people saying that Facebook is actually killing itself don't use Facebook all that often. The people that I interact with on Facebook all over the world just don't care.
It's got the userbase, it's got tons of advertisement income, it's got tons of celebrities, athletes, musicians, and businesses using it, it's the premiere social networking site, it's got the functionality (albeit controversial upon implementation, people often adjust to the changes instead of leaving the site), and it's well-established in comparison to other websites.
Again, it's hard to say how anything on the Internet will hold up for 10 or 20 years, but I don't see how it can fail. And most certainly not from an optional app that would make them more money.