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don't let the fact that both myspace and facebook are sucessful hold you back. Both companies have major flaws in the way they do things, not to mention the majority of their user base are people that will jump ship as soon as something bigger and better comes along. Facebook is becoming myspace so slowly that nobody realizes it.
On the other hand, there is no way you can compete with some social networking script purchased or passed around. Code your own system.
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