Internet culture is always changing. A devoted core of people is doing something cool, new people come in who are just there for the scene, finally (in the cases discussed in the article) business interests co-opt it and it becomes sterile. This is described in the article geeks, mops, and sociopaths, if you're interested.
I liken fb to reality TV. Everyone can be a star. Like Warhol said.
Twitter is pushing some weird buttons. I think it attracts narcissists, and gets people hooked-up on their own chemistry. I've always had a really low opinion of twitter users.
Missing old shit is death. Just start making the things you care about or are interested in.