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Kevin Systrom's smartest move was to sell Instagram to Facebook early, before having to deliver even an iota of revenue. My prediction is that we’ll look back on Facebook's acquisition of Instagram as a bust—much in the same way we now view News Corp.’s purchase of Myspace, AOL’s purchase of Bebo, and Excite@Home’s purchase of Blue Mountain Arts.

Over the weekend, Facebook added a stalkerish feature called "Find Friends Nearby" to its mobile website; on Monday, it was gone. "Find Friends Nearby" let users of iOS and Android devices locate BFFs — and perhaps nBFFs (never BFFS) — who were within range.

The new app is similar to Instagram, the photo-sharing app Facebook is in the process of buying for $1 billion. The acquisition, however, has not yet been completed, and Instagram's employees did not work on the Facebook app. Facebook has said it expects the Instagram app to close sometime this year.

Facebook took another step toward its goal of being a platform for developers Wednesday, by announcing that it will launch its own App Center, a single location for the platform’s many applications. The company also announced that it will begin supporting paid apps, a program that it is offering to developers in a beta test. (Right now, developers can have in-app payments on the network, but all applications have been free to access.)

Facebook's $1 billion acquisition of photo-sharing start-up Instagram has shifted the spotlight to the newest phenomena in mobile apps: uploading personal videos from smartphones.

One of the big, enduring questions of the technology world: “When will iPad users get their very own Facebook app?” The answer is —now. Facebook is releasing an updated version of its iPhone application on Monday afternoon, one that’s also designed to fill out the larger screen of the iPad. Like the previous iPhone version, it’s free.

Users and privacy advocates have expressed concerns about Facebook’s planned redesign, the way the change will affect third-party apps and the network’s general approach to privacy. Third-party apps will be fully integrated into a user’s profile page, with updates about activity on each app. That means that users won’t actively click to share updates from apps — the apps will add that information to a user’s page automatically.

Speaking to reporters on Thursday, Facebook’s CEO Mark Zuckerberg said that the social network has plans to “launch something awesome” next week. There’s no official word on what will be announced, but we suspect it’s going to be the new iPhone photo-sharing service that we saw just last week.

U.S. student Devin Valencia, the first member of her family to graduate from college, hopes others will do the same with her prizewinning idea for a Facebook application for finding financial aid.

Social gaming company RockYou has named Chief Operating Officer Lisa Marino as its new CEO. as the company seeks to get on track after a rocky transition from other businesses.