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Loopt — perhaps the largest location-based social network, a network that uses your location to recommend places to go and inform you of friends around you — announced the acquisition of GraffitiGEO this week. Several industry observers and researchers are raving about the potential of location-based social networks for businesses and advertising. “Context awareness is critical when you want to buy something, and advertisers get higher targeting based on our patterns and social contexts,” said Massachusetts Institute of Technology researcher Nadav Aharony in a recent BusinessWeek article.