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I used to have a facebook account which I used mostly as a sort of extension of my social toolbox. All of the conversations you have with friends about what you've done and are going to do fit nicely within your profile and network of friends, allowing you to keep in touch even when you can't visit with someone in real life. Unfortunately it became a replacement of social interaction instead of an extension. After I had deleted my facebook account I had situations where people asked why I wasn't at such-and-such a party or get together. I simply told them I had neither heard of the event nor had I been invited, to which they consistently responded, "Well, it was on facebook".
I also didn't like how it really diluted the meaning of the word, 'friend'. People's friends lists would swell to huge numbers and some of them they would barely know at all ('we were at the same party this one time') or outright not like at all. I can see the benefits of having a service not unlike facebook, but for me at least the benefits seem to have become drawbacks.
Yeah, I found out I was invited to an event after it happened, because the invite was through Facebook, and I just don't check it that much.
It's kind of sad that when you are using a service just because you feel like you have to. I think that feeling creates a lot of resentment. I deleted my LinkedIn a few months ago, and it felt great.