To discriminate or judge someone based on the quality and content of their myspace ie - song choice, heroes, top 8.
Indie Hipster 1 - Man, that guy is a faggot. He has a rainbow background and a Madonna song on his Myspace.
Liberal Hipster 1 - Hey. His sexuality is undisclosed. Stop being so myspaceist.
When someone is SO into updating their MySpace { or other social networking accounts } that they constantly lose track of time, can't focus, and live their own life as a lethargic other reality that pales in comparison to their MySpace lifestyle.