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Being in college during Facebook's heyday was a very special time and place to be a part of.
There were no "adults" there. Just a bunch of horny college students posting party pics, chatting with each other (remember when friends posted on each others' wall?) inviting people to parties, invitation to events in and around campus, chatting in the weird new "messenger" feature.
There were no ads, it was the HEIGHT of social media in its purest form: friends connecting with friends, and let's not forget the hookups that occurred.
Everybody who was anybody had a Facebook. You met someone hot at a party, and you got their facebook?? that was a huge deal.
I saw the decline right around the time I graduated (2011) when all our parents, grandparents, businesses, etc., started joining en-masse and we all kinda collectively "grew up" and facebook stopped being fun.
I never post on there anymore. It's just a bunch of bullshit ads.
But I remember what it was like the "memories" feature definitely helps, and I guess the nostalgia keeps me around.