The demise of a once-mighty website is often hard to watch. Many people still have fond memories of MySpace – it was the first social network for a good portion of the online world and did its part to launch social media into the mainstream. Traffic has been steadily declining all year, faster than originally anticipated. When it was sold in June for $35 million, most believed that the shell of the company would have to be scrapped and the core would have to be rearranged completely in order to remain relevant beyond 2011. Evidence of the decline is visible in the most recent numbers from Hitwise. The…