Through the Internet, I was just handed $1 million to invest in the stock market. It was only virtual money. But I felt a surge of power nevertheless, eyeing the green $1,000,000 in my stock analysis portfolio on what people have called the “Traders’ Facebook” – UpDown.com.The site gives members $1 million to select their top stock picks in a “real-life trading environment,” according to Smart Money. The site also highlights analyses from other online investors, compiling the week’s most bought and sold shares. Users can post online pictures and stock analyses, participate in contests, make friends and send messages.At first, I questioned why anyone would want to watch a virtual portfolio plummet alongside one’s real-time one. But that can also play to the model’s strengths. At the worst, I can play around with $1 million, lose it all and still sign up tomorrow under a different user name and password.How exactly does the site stay in business? As far as I can make out from an interview with Michael Reich, the site’s chief executive officer, the site has chosen an advertising/sponsorship revenue model that parallels many social networking sites (think Facebook ads).The site needs 100,000 regular members before it can break even with its revenue model, which Reich confidently predicts will happen in 2009.Long-term plans include a potential hedge fund or mutual fund, or else by selling data to an existing hedge fund, according to Institutional Investor.”It’ll be a community-run hedge fund,” Reich says. “A mutual fund has to rely on one manager’s wisdom, but this will use the collective wisdom of successful UpDown users.””Successful” is the operative word. Last week I lost $17,290 in virtual money. But – joy to the world! – I made a 0.56 percent profit Monday with the stock market’s upsurge.Most likely, I won’t be making any real money from UpDown.com any time soon. [One can only make money][5] if one’s portfolio is performing better than the S&P 500 since its beginning and in the last month, then by beating its own performance each month.At least, I can take refuge in the knowledge that this isn’t my money …