I still remember the day I joined Facebook. I'd heard of this site that everyone was raving about, but was fairly nonplussed by what sounded like another online popularity contest akin to MySpace or Bebo.
However, like so many others, I relented and found it was actually quite enjoyable, mainly because it didn't make your eyes bleed and the ease of sharing pictures and posting hil-ar-ious updates was genuinely novel.
Fast forward five years and the site is now almost nothing but a chore: it's full of privacy concerns, the interface changes every five minutes, and there's a whole minefield of social dos and don'ts that the site now creates. Do you accept your boss as a friend? When do you de-friend your best mate's now ex-girlfriend? It's exhausting.
Yet, while the site has become a pain for the regular user, the past five years have seen nothing but success for Facebook: world domination-style growth, investors falling over themselves to, well, invest, and the likes of Yahoo and Microsoft offering billion-dollar bids for the firm.
Facebook turned them down, and little wonder when the Masters of the Universe at financial firms place valuations of $100bn on the firm. But is the site really worth such frankly ridiculous sums of money? In a word, no.
These numbers are based on the concept that the Number of Users (some 750 million and rising) x Ability to Deliver Adverts Based on Your Profile + Friends' Activity = Advertising Utopia for you and the brand paying to advertise as everything is so wonderfully targeted.
What this equation so clearly fails to appreciate is that I can't stand most of the people I'm 'friends' with on Facebook – the banal updates, the terrible grammar, the hideous political views, the endless 'Got drunk this weekend!' updates – and I'll bet this is the case for a lot of other people too.
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