Facebook Camera - the end of Instagram?

I am only speculating here, but the launch of Facebook Camera in the iOS store surely means the end for Instagram. It's a four step process that Facebook is implementing.

1. Buy Instagram
2. Launch Facebook Camera
3. Move Instagram users to Facebook Camera
4. Close Instagram

Facebook Camera is basically the company's version of Instagram. It lets you apply filters and effects to photos, post them to Facebook, share them with friends, see what your friends are posting and so on. Buying Instagram has basically bought the only major competitor.

At the moment this is just an iOS app and there are a lot of Android Instagram users out there. Instagram may be safe until Facebook comes up with an Android version of Facebook Camera, but there must be little incentive to update the iOS app now that there is an alternative. I can't see the company developing two apps that essentially do the same thing.

(Go to the iTunes Store and search for Facebook Camera to download it.)