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Oh come on. Facebook is terrorizing Google?

The headline "Facebook's got Google running scared" makes me giggle.

I love Facebook, but it's a ridiculous notion that this overhyped and overvalued social network is making Google execs wet their pants. Facebook is the current belle of the social networking ball, grabbing more attention and notoriety than any of its predecessors. These networks fall in and out of favor (remember Friendster, anyone?) but Facebook has taken some truly ingenious steps to stay at the top. Its best move was making it easy for people to develop applications for use on the site.

Microsoft and others are vying for a small stake in Facebook, and 23-year-old founder Mark Zuckerberg is reportedly juggling term sheets from suitors these days. A stake of less than 5% is going for $300 million to $500 million, according to the Wall Street Journal. What an outrageous valuation.

The challenge right now, even for Facebook, is to create a social network with lasting appeal. Something that people won't drop when the next pretty site comes along. Google is cooking up a contender, if the rumors are to be believed, and is expected to launch it in the next month or two. I'm looking forward to the competition, because I'm tired of the relentless Facebook worship on the Web these days.

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