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Seeing as Facebook is a relatively private area to communicate with your friends, unlike Twitter which other users can see anything and everything you tweet, where else can you go to share meme's and politically incorrect jokes, without fear of being judged? Facebook has hundreds of groups with distasteful humour and low-brow jokes, and the sharing power is immense. So, though for many of the older generations, the jokes go well over their heads or are 'far too offensive', where else could yo go to share?
Facebook Chat could well be the world's largest chat protocol, as the number of available users surpass that of ICQ and Windows Live Messenger. And considering it is so widely available as an open protocol, anyone with a smartphone can download an application to contact their friends on the go.
So if you jacked in other instant messengers to keep all of your social activity all in one place, then you will be missing out. Then again, so many people 'turn off' Facebook chat anyway, so they cannot be bothered, one might question whether it is as popular as one might think.
We're all a little bit paranoid. What happens when you fall out with someone in real life, and you can't turn to Facebook to see if they're badmouthing you. A wave of paranoia begins, and you could well be facing a huge storm and barrage of evil on the site without your knowledge. At least if you're on the site you can defend your honour.