Will Facebook destroy Instagram?

I've talked before about why I love Instagram.

Instagram is a photo sharing application that makes it easy and fun to manipulate a photo with various filters and turn it into instant art. Then with a few clicks, you can share your photo with a caption via Twitter, Facebook, and other social networks.

For example, a few days ago in Krakow, Poland I shot a mundane photo of some telephone booths with my iPhone and used Instagram to turn it into instant art.

Yesterday, Facebook announced a USD $1 billion acquisition of Instagram.

You can read the Facebook statement here.

I hope Facebook will not destroy Instagram

But I'm worried they will.

It seems to me that the big social players Google, Facebook, and Twitter are building walled gardens around their users in the exact same way... [via Web Ink Now]