Was Snapchat right in refusing the $3 billion offer from Facebook?

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Michael Carney writing for PandoDaily:

The answer boils down to your belief about whether the company can defy the odds and stay hot within the notoriously fickly teen and young adult demographic. Because that’s what this valuation is all about: teens. Facebook is losing its grip on young social users; SnapChat has them in spades.

What will Evan Spiegel and Bobby Murphy come up with to make teens stick to the service? How will they monetise? 

The real problem here is that if teens just change their mind about Snapchat, or suddenly find Facebook attractive again, the trend will fade away. There needs to be constant innovation in terms of stickiness (making people want to use the app and especially come back) and the Snapchat team should not be resting on the sight of exponential user growth.