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And I think the absolutely best chance of success would be if one made a social "network" that allowed one to share (and possibly monetize your own) content - think Youtube, but distributed and not limited to movies but to everything - pictures, audio, video, blog posts etc. :)

Best way to accomplish that using current technology would be to use BuddyCloud and replace its mediaserver with GNU Media Goblin. In the future however, it might be possible to do this without administering a physical server - it'll all be decentralised and in the cloud. That would be most convenient, but of course there are quite a few issues to resolve before then, not the least with regards to privacy...

Who else uses it? I know this is a catch-21 sort of thing. I don't see what Wave really offers over social networks (in conjunction with good old email).
How about tickling your fancy with email and a federated social network such as http://buddycloud.com/ and good old email?

Setup a server and let us know!
Come on, this is /. - you should know to BYOS already.

BTW, there are other 100% F/LOSS competitors already out and connecting servers together into their federated service.
* http://buddycloud.com/
* Friendica
* Libertree

Wasn't this what it was supposed to be?

Yup. And social river, buddy cloud, Choice Social, freenet and many more. I don't see why one other should "take off"

http://buddycloud.com/ - there's your user-oriented crap. Enjoy.

And Buddycloud, except they don't think map views make sense.