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Pretty sad that they contributed hundred of hours of their time that they could lose any second if Google decided to ditch Waze.

Openstreetmaps allows you to download all the data for free.

Yup. And it's really great data, too. Building names, classification of building types, etc.

I did a project with a friend last semester using PostGIS with data from OSM and google glass. We learned a lot.

Presumably Google would incorporate that data into Google Maps if it's valuable, not simply delete it.