It was a social network; just an inferior one to Facebook. They lost to Facebook because Facebook was a more pleasant site for social networking, which made it more popular.
If you were in Germany, you may not have seen this, because MySpace didn't enter Germany until 2006 or 2007. At that point, Facebook was already starting to beat them with new users. By 2008, the established user base of MySpace was fleeing in droves to Facebook. The network effects that would have created social pressure to stay actually caused it to collapse even faster.
There is nothing that would prevent this exact thing from happening to Facebook. If a better site were to come along (or if Facebook were to become vastly less competitive than they are now), the social pressure could actually cause them to collapse just as fast as MySpace did.
If you were in Germany, you may not have seen this, because MySpace didn't enter Germany until 2006 or 2007. At that point, Facebook was already starting to beat them with new users. By 2008, the established user base of MySpace was fleeing in droves to Facebook. The network effects that would have created social pressure to stay actually caused it to collapse even faster.
There is nothing that would prevent this exact thing from happening to Facebook. If a better site were to come along (or if Facebook were to become vastly less competitive than they are now), the social pressure could actually cause them to collapse just as fast as MySpace did.