Facebook, Hammer and Sickle

While sitting to write this I find it so easy to select an image posted online to accompany my concept. Facebook is the hammer and sickle of Internet social networking yet we embrace it as if it was democracy. Myspace has failed, yes it may turn itself around by becoming a social network for indie bands; however recent reports show the fact: Myspace was purchased by Specific Media for $35M, just shy of six years after Rupert Murdoch's News Corporation purchased it for $580M.
What made Myspace sink? I believe the lack of control over the visual regulations contributed to the downfall, where as Facebook limits our freedoms.