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follow or nofollow? SEO Dilemma of Linking

While every one around the SEO corner is busy hoarding the page rank of their site using nofollow attribute in quest to rank the important pages of a website, I am quite sure this practice (page rank sculpting) is just an accident waiting to happen as webmasters will abuse it up to an extent that Google will do what they have done to ‘keyword meta tag’ – start ignoring it.