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great sites with loyal users that survive Panda, only to be annihilated when Penguin ran because their link profile was 75% to 100% manipulative
Google is trying to help webmasters by telling them the links they are getting have no value and to stop wasting your time and money on them.
you don't need links any more, you need advertising and a great user experience
My understanding of Penguin is *any* type of action that is used to artificially increase rankings.
I personally would only spend money trying to appear in ads that were relevant to my business