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While it is nice to see someone occasionally point out the great potential things we can do with our cash, that doesn't change the fact that unless we cared about those things to begin with we won't be spending our money on them.
I'm sure it's been covered, but people follow that guy on twitter because of who he is. If another person is behind the wheel, they'll simply go elsewhere. This entire auction is along the lines of those people who bid on jars full of air, etc. It's doing it just to say you did it, and there's no logic in that.
On the other hand, for social media/networking/web2.0 whateveryouwanttocallit to spread and gain traction within communities that are not nearly as entrenched as the tech community is, it seems reasonable to reach out and be a part of the larger world community.
That was really my point. If folks have $1500 to spread around on the purchase of a Twitter identity that will be worthless if it really changes hands, then perhaps it might be used for a greater good elsewhere, and by extension, the goodwill of the inventors, movers and shakers of this community might become known outside of tech itself.