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While your last two paragraphs are true, it's not clear they apply to this case. What is clear is that some folks have some very wishful thinking with regard to Facebook, the company. Ask yourself why.

No matter what you may think of FB, it is going to come down to the actions of the FB execs. If they knowingly tried to mislead common investors, then common investors are certainly not to blame.

Meanwhile, the FB stock is becoming a pariah.

So even if they have some valid reason for changing their estimates days before the IPO, and they can explain why the insiders were the only ones who seemed to get the message, it may be a moot point. Because they have spooked investors.

And it's a stretch to try to blame investors for being spooked.

The victim here is actually FB.

The end of FB, and its replacement with a private and optimised means of sharing that _you_ control, is the beginning of a better web.

It may not be Diaspora. There is still lots of time for this to play out.

I like the TR article and I like this comment. Both are the voice of reason. I also think it will fall of deaf ears. Too many programmers think they are smarter than everyone else, e.g. those in advertising. They believe they can control and manipulate people as consumers the same way they control and manipulate them as software end-users. They believe gaining a large number of users equates to success in business. It does not. And Facebook will be history's great example. The article explains what makes Google's business work (Overture; Yellow Pages style advertising) and points out Facebook has nothing comparable. But some programmers just want to pretend this does not matter.

I'm excited at the possibilities that will arise after the fall of Facebook and the decline of web advertising.

Gratuitous use of javascript.

How many bitcoins is that?

Well, there's another article from Blodget on this fiasco that will soon hit the front page here.

The NASDAQ snafu is one thing. A class action suit has been filed.

But there has also been a class action suit against FB, alleging securities fraud.

We don't have all the facts yet, but what we've got so far is enough to demand to know more. I think a court will agree.

Bad PR all around for the FB. FB, the business, is doomed. They already knew that. They just didn't tell you, the investor.

Maybe we should demand an ad-free FB. Advertisers are going to be pulling out anyway. And without ads, they could give us more privacy.

Poetic justice.

Where's that Like button?