Facebook/MySpace Question, Please don't think I'm stupid

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Ok so lately I have been receiving stuff about Facebook. Now I know what myspace is as far as having your own page about yourself and blogging. I'm assuming facebook is the same thing. Ok here is where you may think I'm nuts but what is the big deal? What do people get out of blogging? Is it just like keeping a diary only it's open for everyone to read? I just don't understand what all the hype is about. For me if I feel like posting anything it'll be on here where I get compensated for it.