• 0:55 Loic Le Meur is worried about the economy.
• 1:14 Brandee Barker hides behind a fern, says Facebook will never sell to Microsoft
• 2:30 BillShrink’s Peter Pham says a lot of startups are going to go under
• 2:36 Randi Zuckerberg wants you to register to vote
• 3:32 Steven Levy says the arrow points no where but up
• 5:43 Israeli superinvestor Yossi Vardi says that Lehman Brothers stock isn't worth as much as World of Warcraft shields.

What's wrong with fucking around? Likely, not the sex, as the options to go after Whatever I Can Get and the like were age-based from the start:

That sort of age discrimination is typical of the Valley, and Random Play made it real. So perhaps it was just a reflection of Facebook's early ageism to constrain the site's facilitation of Hookup Culture to Generation Reblog (née Gen Y, née The Millennials). Not too shocking, then, when it was a few bloggers who noticed when even the young and pretty were denied the chance of Random Play action back in January:

The only way to get Random Play now is to have once selected it, and never delete it. Just pretending to be under-30 by altering or deleting your age won't bring Random Play back. We tried - it didn't work in Logan's Run, and it doesn't on Facebook, either. So we tried ringing up Brandee Barker, Facebook PR director, to ask when and why Random Play was yanked, but she's off on an out-of-the-country vacation, at least according to her personal voicemail. Brandee, you're over 30, yes? Help us out, here. We know as well as you there's no use running from Carousel.

(Photos by Brian Solis)

2:07 p.m.: Zuckerberg says now that Facebook's available in Spanish, people are using Colombia to organize resistance against guerrilla armies. Wait — does that mean it's actually a tool of oppression?

2:08 p.m.: Facebook is about communicating "efficiently," Zuckerberg keeps saying. Efficient? Does he even use Facebook?

2:09 p.m.: Lacy asks Zuckerberg about terrorism. "Facebook has a relatively large population in London," says Zuckerberg. "Terrorism comes ... from a lack of empathy and understanding. People are growing up, they're relatively poor, they spend a lot of time studying with their imam. At the same time, they'll go out with their friends and drink on Friday nights and try to meet girls. Then they take pictures of themselves with their religious leaders holding guns. There are people who are at a point in their lives, a crossroads, deciding whether they're going to pursue terrorism. And people have told me that Facebook has helped them maintain connections with friends in Europe, in America, and maintain that empathy."

In other news, Zuckerberg's shoe:

2:13 p.m.: Lacy recounts the first time she interviewed Zuckerberg. "He's wearing a white T-shirt, and he was so nervous, he was sweating through his shirt," says Lacy. "The first time I inteerviewed Mark, I kept asking broader and broader questions, trying to get him to talk. Finally he said, 'I don't know how to answer that question. It's too broad.' I said, 'Mark, I'm trying to get you to say more than two words.' Mark said, 'That's really hard.' I said, 'Three words.'"

Right after Lacy's tale, Mark said, "What was the question?"

2:16 p.m.: I think Zuckerberg is talking about how antipoverty activists used Facebook to organize protests at a senator's church, home, and office.

2:18 p.m.:"We're running the business at breakeven," says Zuckerberg.

2:19 p.m.: Sarah Lacy just totally stole Zuckerberg's line. "So you're launching in France tonight," says Lacy. "How'd you get to that before me?" asks Zuckerberg. "Sorry, Brandee," says Lacy. Anyway: Facebook en français, tout de suite. Chouette!

2:23 p.m.: "There's this sense that you have this revenue from Microsoft that's not sustainable," says Lacy. "Are they happy with the deal?"

"I'm very sure that they're very happy with it," says Zuckerberg.

2:24 p.m.: Lacy asks Zuckerberg about his infamous "once every hundred years, media changes" line. "We got a little ahead of ourselves," he says. "We hadn't figured out as much as we thought we had."

2:26 p.m.: "Let's talk about Beacon," says Lacy. "WTF?" Zuckerberg's long answer:

Beacon isn't even a part of our ad team. It's part of our platform team. We think these large social networking sites are going from large monolithic sites like facebook.com ... to social services. A lot of them aren't even things we're building. Some of them are going to be inside facebook.com. An increasing amount of that is going to be outside facebook.com. What we were trying to do with Beacon was taking the first step with letting people take actions on other parts of the Web and feed back into what their friends are doing. It also ties into the ad system, because it can be an endorsement — someone you care about is doing something, that's much more effective.

2:29 p.m.: Lacy makes the apt point — argued earlier in Valleywag — that complaints about News Feed were much larger than Beacon protests, but suggests the larger concern about both features is privacy. Zuckerberg points out that people are much more likely to put their cell phone on Facebook because they're allowed to control which people see it.

2:32 p.m.: Why do I feel a strong urge to take a nap whenever Zuckerberg talks about "platforms" and "ecosystems"? I think he's saying he's trying to reduce application spam with algorithms. Because that worked so well with email, right?

2:34 p.m.: Lacy asks about rumors in the Financial Times that Facebook is talking to the record labels about building an iTunes killer. "What's up with that?" "I don't know," says Zuckerberg, deadpan. He then concedes that Facebook is talking to several companies, but there's "nothing to announce."

2:36 p.m.: "So you're Forbes's youngest billionaire," says Lacy. "We're just not focused on that," says Zuckerberg. Can't he just play a recording of the soundbite? That seems easier. The $15 billion valuation, he says, came about because the company wanted to raise the most money with the least dilution. "High expectations are tough," he concedes. "Having such a focus on money in the business can be tough for us, because it can self-select for people who are interested in that. We don't want people to join the company because they're going to make money very quickly."

2:39 p.m.: Ah, the IPO question. "It's not that we're opposed to going public," says Zuckerberg. "[The $15 billion valuation] throws down the gauntlet" to potential acquirers, observes Lacy. "For certain companies, that's the goal, to go public" or get sold, says Zuckerberg. "Yahoo offered us a billion dollars a few years back. The primary analysis that we were doing wasn't, 'Are we worth $1 billion?' We said, we have a chance to build a platform that fundamentally changes how people connect or communicate. How many times in your life do you have that chance? So we decided to go for it."

2:43 p.m.: "Did you get rid of some people who wanted to [sell to Yahoo]?" asks Lacy. "We made some management changes," says Zuckerberg. Is that a reference to recently departed COO Owen Van Natta? Or former CFO Mike Sheridan, who was replaced by Gideon Yu?

2:45 p.m.: "Let's talk about Sheryl [Sandberg]," says Lacy. "She's been called the token grownup." "We just passed this mark where we have 500 employees," says Zuckerberg. "That's crazy. I feel really lucky to have her."

2:46 p.m.: "How do you think she's going to negotiate that male-dominated environment?" asks Lacy. "She has a great track record of doing that. I don't think that will be an issue," says Zuckerberg. I note that Zuckerberg didn't dispute Lacy's observation.

2:48 p.m.: "Is it hard from you to step back from product management? Because you'd really be working on the product, right?" asks Lacy. (Zuckerberg recently tapped longtime Facebook executive Matt Cohler to run product management.) "CEO is more of a full-time job than I'd admitted," says Zuckerberg. "The CEO sets the tone for the organization. Being CEO is a good way to make sure the company focuses on that — that people keep their eyes on what's important."

2:52 p.m.: "You're a computer guy and you write longhand on paper," observes Lacy, who reveals that Zuckerberg takes notes in bound books. "Fantastic question," quips Zuckerberg, which provokes howls of laughter from the audience. Zuckerberg then takes away Lacy's glass of water, just to be safe.

2:57 p.m.: Audience questions. First one up is your typical privacy-and-sharing paranoiac. "I think the reason we don't have a lot of that stuff yet is that we haven't come up with both controls and good default settings so people don't have to do a lot of work," says Zuckerberg. "Facebook is still relatively constrained as a company. Things take time. We've realized that it's an issue."

3:00 p.m.: "Other than really rough interviews, what are the toughest obstacles Facebook faces?" asks a wiseacre. "Is he making fun of me or of you?" Zuckerberg asks Lacy.

3:02 p.m.: "Do you think Google's pissed that you have so much data trapped on Facebook?" asks an audience member. "They don't get pissed," says Zuckerberg. "They're nice guys." Then he gives some incredibly boring answer about "semi-private" and "semi-public" information. Five-word version: Good luck with that, Google.

Additional Coverage:

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• Twitterati lashes out at interviewer after Zuckerberg keynote
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The woman in maroon is Facebook PR czar Brandee Barker. Here's what I want to know. Would Barker ever have agreed to being filmed for a video in which reporter Oliver Ryan and Fitzpatrick lay down slams like, "If I got the news that somebody had gone out and bought, say, a BMW 325, that would be great marketing." Or, worse, "[Facebook Beacon] might bring new types of advertisers into the Internet marketplace entirely." Harsh!

The protests over Beacon, a program which reports users' activities on other websites to their friends on Facebook, have been compared to last year's fuss over news feed. In fact, there's no comparison: Actual complaints from users about Beacon have been far, far fewer. The introduction of a news feed was a radical change to Facebook's behavior. Beacon, which merely extends Facebook's reporting of activity on its site to others, does not change users' experience of the site in a dramatic way.

Facebook has been its own worst enemy — doing far more damage than any underemployed blogger could. The company made just about every conceivable mistake in the marketing of Beacon — from overhyping it to Madison Avenue, misleading advertisers about how optional it was for users, and failing to consider the consequences of reporting users' purchases to friends and family over the holiday shopping season.

Someone should take the fall for this. Facebook executive Chamath Palihapitiya, in charge of marketing, has likened the introduction of Beacon to an experiment. "We want people to try it, to see it in action," he told the New York Times. "Our point of view is, let's give people the ability to sample it."

A sensible laboratory trial. But let's run a different experiment. Why did Beacon draw such a critical reaction from the press, while the news feed, a year ago, a much larger user revolt, make less of a splash? We can control for several variables.

Mark Zuckerberg, then as now, was CEO. PR head Brandee Barker, excoriated by Quittner and blogger Robert Scoble for the company's media relations, joined Facebook shortly before the news feed fuss. (It turns out that Scoble, who accused Barker of being unresponsive, never even even bothered to ask for an interview.) Owen Van Natta, then COO, now the company's chief revenue officer, was equally involved in both incidents, from what we hear.

The new variable in the Beacon trial is Palihapitiya himself, who joined the company just a few months ago after a long career at AOL. He's clearly a talented executive, trained in the new school of marketing through scientific thinking and quantitative analysis. Try something, and if it fails, discard it and move on. Perhaps that's what Zuckerberg should do with Palihapitiya.

I read [object of inexplicable Valleywag obsession Robert] Scoble's post where he said he'd give Facebook lots of time on his blog, "But they only seem interested in talking to big-brand journalists and I'm not interested enough to pull out my Fast Company business cards to get them to pay attention." Oh come on, Fast Company? Would Facebook really talk to Scoble for Fast Company? I created a Robert Scoble email account and wrote Facebook asking for an interview. Imagine my shock when they said yes! Screenshot attached. What do I do now?

I had this exact same idea. I emailed Facebook Monday morning myself, in hopes of pitching Fast Company with the resulting interview.

No response from Brandee at all. Dammit, Scoble wins again!

Why was the event heavy on the storytellers and light on subjects? "All these fucking PR people!" one friend. "It's like walking through a pig trough."

The biggest Yahoo personality was "peanut butter manifesto" author Brad Garlinghouse, who was spotted deep in a long conversation with AllThingsD's Kara Swisher in a corner by the bar. The biggest name on the Facebook side? Spokeswoman Brandee Barker, who was quite a fan of the photo booth (and, apparently, Swisher, whom she pried away from Garlinghouse for some close contact).

No surprise, really. Yahoo and Facebook executives were likely distracted by negotiations over taking a stake in Facebook. And really, OutCast couldn't have planned it better: The Valley's press corps was drinking and eating instead of staking out restaurants and hotels in Palo Alto. Brilliant!

Indeed, the number and cailber of the journalists who appeared says something about the spell they've cast over the tech media. Spotted in the crowd: author and BusinessWeek columnist Sarah Lacy, GigaOm's Om Malik, USA Today's Janet Kornblum, Michael Bazeley of the San Jose Mercury News, Jessica Guynn of the LA Times, Bloomberg's Ed Robinson and Wall Street Journal reporters Vauhini Vara and Don Clark. On the less-prestigious side, Red Herring editor Joel Dreyfuss was there, and upon meeting me, instantly began haranguing me for our coverage of his publication's death spiral. "Why didn't you cover Business 2.0?" he asked, alluding to that magazine's recent disintegration. Um, I thought we had?

Ubiquitous videoblogger Robert Scoble showed up. I asked after his newborn son and inquired about how online-video startup PodTech, his ostensible employer, was faring. "Much better than last month," he replied. "Wait, what happened last month?" I asked. "John got fired!" he shot back, shocked that I had forgotten such a momentous occasion. Wait, fired? Didn't John Furrier, PodTech's founder and former CEO, "step down"? You learn something new at every one of these parties.

If you're young, straight, male, and in need of a reason other than pre-IPO shares to work at Facebook, consider checking out its fine, fine collection of genuine Valley foxes. And whoever's in charge of recruiting at Facebook? I want to meet you. You fascinate me.

(Video by Sarah Meyers and Enric for Valleywag)