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How about a text link exchange... something like a do-follow, programmed to track hits on a weekly basis and rotate based on hits. Make it an anchor text based exchange, and possibly implement a PR API to place the most active links on the higher PR sites. Niche targeted of course.
I mean if it is about the 21st century, lets juice it up to make it work with todays standards. Make it right, with an admin section to see stats and chose which sites we would approve on our top link spots. Lots of potential here.
Fuck banners.
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