Now that MySpace is becoming the Web itself, it’s time for founders to milk this cow for all its worth. And the founder of Intermix Media-- the company that owned MySpace.com during its sale to Rupert Murdoch’s NewsCorp to the tune of more than half a billion dollars, wants more.

MySpace blew everyone’s expectations after rocketing past rivals to become not only the dominant social networking site in the planet, but generating traffic that surpassed even Google itself.

Seeing opportunity, its parent company quickly sold out to NewsCorp while it was white-hot, and before any risk to its dominance became significant (something that never came to be).

In fact, after the NewsCorp sale, it got even more press and the network effect-- the concept of how a network becomes more popular and valuable the more people and nodes are connected to it-- kicked into overdrive, bringing in tens of millions of users more, blowing away all the expectations of even Murdoch himself.

MySpace was not one to suffer the fate of such dot-coms as PointCast.com and its ilk—which rebuffed NewsCorp’s enticements years back only to see it quickly flounder thereafter.

But what seemed like a great windfall for its founders now turned out to have been a gem sold too early and too cheap, and Intermix Media’s founder, Brad Greenspan, wants mo’ for his money.

Full story from SeattlePI.com.