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are domain names obsolete?

In the increasingly social Web, how much does my domain name matter? Isn't it more important that my site be positioned correctly in del.icio.us, digg? Most of my time as an entrepreneur would be spent trying to get highlyt ranked on google. Domain names seem to be dropping to the bottom of the Web presence hierachy, because what's important is one's social network.

When domain names started appearing along with copyright notices, I started to stop noticing domain names. Now I just look for a distinguishing characteristic in the media I'm viewing. Social indexing gives me the ability to search by criteria that just weren't available in the age of Search Engines. Because a computer can't sort items by "sexy."