Open Source Might Save Our Social - Diaspora

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I want to believe that there's an alternative to Facebook, but I'm very skeptical about this one: Diaspora. They're trying to build an open source, decentralized social networking platform. They have a dream and they're looking for funding:
We believe that privacy and connectedness do not have to be mutually exclusive. With Diaspora, we are reclaiming our data, securing our social connections, and making it easy to share on your own terms. We think we can replace today's centralized social web with a more secure and convenient decentralized network. Diaspora will be easy to use, and it will be centered on you instead of a faceless hub.
I mean, it could work, maybe, but how do you manage security? How do you determine which users can have what data? How do you calculate social graphs and discover new users? These are hard problems, and I'm not sure there are open source solutions to them.