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The real question here is do search engines know about this scam yet, or do they count guestbook links as additional links for poplarity rankings? My hunch is that since guestbook links are not in any way an indication of content quality, then they do not matter at all.
If ANY search engine currently gives any credit or rankings impact for guestbook links, this impact is only because engine hasn't yet figured out guestbook trick, and soon will. In fact, since majority of guestbooks pages have word guestbook in URL string, it would be absurdly easy for search engines to simply ignore any link that appears at any URL with letters guestbook in it.
And I'll bet you if they don't already ignore them they will soon.
My last point is more philosophical. If reason you are seeking a link is because
a). The link can be obtained automatically or in bulk numbers and b). You are trying to inflate links for SEO purposes, then bottom line is it's all bullsh*t, and no matter if engines figure it out today or next month, tactic is based on a lie and shouldn't be done.
Until next time, I remain,
Eric Ward, EricWard.com - The Link Mensch
Eric Ward founded the Web's first service for announcing and linking Web sites back in 1994, and continues to offer related services today. His client list is a who's who of online brands, including Amazon.com, The Link Exchange, Microsoft.com, Rodney Dangerfield, WarnerBros, and Discovery Channel. His services won the 1995 Tenagra Award For Internet Marketing Excellence, and he was selected as one of the Web's 100 most influential people by Websight magazine in 1997.