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As the link building strategy becomes more and more difficult (at least by some), people are seeking out alternatives to the standard two-way linking practice. In a WebmasterWorld thread, a member is looking at a triangular link strategy which wouldn't be directly reciprocal but he's hoping that he'll still benefit.
Would you do it? If you're looking for reciprocal links, three-way linking isn't much better. Furthermore, if the goal is to outwit Google, Google knows (a lot).
Ask yourself why you're even engaging in 3-way linking. Is it to help you or is it to help your audience? Again, you need to consider what your users want first.
Forum discussion continues at WebmasterWorld.
