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http://www.socialtimes.com/2008/05/what-the-myspace-announcement-really-means/
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Social Times: What the Myspace Announcement Really Means

Ed Healy · 1 year ago

You 'Cons' is what gives me pause. That said, there is a way to host your own OpenID, without using LJ, MySpace, etc. What I'd like to know is whether there is a way to act as your own profile manager, using OAuth, etc.