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As per me none of the link building task have lost their significance yes sometimes it will take time to come up with desired results but we cannot say that 'Its Useless'
According to my personnal experiences, I am the one who regularly perform directory submission along with others task from last 5 mths and also never done reciprocal link but then also I get what I want. Site on which I am working is improved and comes at 1 page.
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