I'm someone who thinks that Facebook still has massive scale and hype on its side, but will struggle to deliver on the potential it has. But, I don't agree with the 'X is dead' contention - the media and start-up community seems to have embraced it wholeheartedly.

It is perfectly possible to have a world in which both Google and Facebook exists and exist as giants.

It is perfectly possible to have a world in which Facebook loses a lot of its current sheen, but still rakes in a handsome profit. Google will continue to be brilliantly profitable, but the blowout quarters will be harder to come by.

Most market segments are large enough to support, 1,2 or 3 profitable leaders. Even in a segment as niche as commercial aircrafts, you have multiple players. The entire contention of one killer market leader is the greatest eyewash of our times.