You see where this is going. As Facebook gluts an already glutted market, the fallacy of the Web as a profitable ad medium can no longer be overlooked. The crash will come. And Facebook—that putative transformer of worlds, which is, in reality, only an ad-driven site—will fall with everybody else.

In the long run, there’s no way to sustain a growth in profit from just making money on social networking. By this time next year, Facebook stock will be under 5$/share. If not faster.