By Joe Wallace

The Daily Beast ran a fasciating little piece entitled, “How MySpace Blew It” with the accompanying AP photo of Rupert Murdoch, who can’t seem to get a break these days. That’s due in part because the old guard seems almost genetically inclined to get new media wrong even when they try to embrace it.

Remember when MySpace seemed unstoppable? That was, of course, before all those goofy ads of people on webcams with low-cut halter tops bending over suggestively and nonstop barrages of other intrusive ads. Once upon a time, a writer without MySpace was deemed to be hopelessly married to old-school PR.

Today, MySpace isn’t good for much unless you have a band, and some are questioning even that usefulness.

It’s a reminder for those dependent on social media never to put all their eggs in one basket. I can envision a future where even the mighty Google could lose its relevance. All Facebook and Twitter have to do is develop a money-making system similar to Adsense–something the average blogger can plug into with few hassles–and Google will be riding down the MySpace trail faster than you can say Chapter 11.

So before we all start embracing Twitter and Facebook as the be-all, end-all the way some used to think of MySpace, remember that the tide can turn, probably WILL turn, and wipe out some of our lovely blog money making schemes. Eggs in many baskets…that seems to be the best thing to do. Me, I’m holding out to see what Facebook comes up with to rival Adsense so I can be an early adopter for once and get in on the money madness before it gets all sorted out so even the most clueless latecomer can make a few pence.