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For all its valuation, the social network is just another ad-supported site. Without an earth-changing idea, it will collapse and take down the Web.
Facebook not only is on course to go bust but will take the rest of the ad-supported Web with it.
Given its vast cash reserves and the glacial pace of business reckonings, this assertion will sound exaggerated. But that doesn’t mean it isn’t true.
At the heart of the Internet business is one of the great business fallacies of our time : that (...)