Why facebook.com is named FACEBOOK ?

The reason I think is because of the fact that it is a good place to find people you use to know and or hang out with; meaning you can find a femillair FACE kind of like a year BOOK of everyone you knew in the past hints the name FACEBOOK, but that's just what I think.

Hi newuser4u its a nice username and kind of unique one. The topic your starting is a good one. What i could say is that FACEBOOK , a name chosen for that site maybe derived from Book of Faces. To make it catchy they call it FACEBOOK. I think it wont be a nice one if it was called BOOK OF FACES OR BOOKFACE. The name of FACEBOOK , connotes a lot of faces and personalities, which i think is what FACEBOOK is all about now.

Why is it that MyLot is named mylot, the Creaters of the site were probably looking for something that made sence and that would catch on.