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I wouldn't do it. That would be like David going up against Goliath. LOL. Then again, David DID defeat Goliath. Unless it is a very targeted niche or group that you're going after, I wouldn't do it. Facebook already has social networking sewn up. Even the mighty Google hasn't been able to touch them with Google plus.I understand there are lots of good social networking sites already. If someone creates a new site, it may be hard to get members.
Do you think it is still a good idea to create your own social networking site?