"We need large social network of our own or we are screwed."
I doubt that last line. A lot of good points to end on a sour point. Google wouldn't have been effected by lack of a social network. Google's dominating with Android right now. You don't see apple with a social network do you? Personally, twitter is spam land. I have no idea why people love twitter so much. None of my friends use it, and the ones who do either rarely post, post crap I don't care about, use it wrong, or post once a year.
Wave -- has nothing to do with social networking. It was collaboration services. More like a radical twist on socialcast.com
They canned wave because it had a high learning curve, and was very widely misunderstood and hyped as something it wasn't, a social network.