one way link is a good source for visitors, why would you link to someone to help their rankings?
reciprocal linking is used orginally to exchange traffic, changed a bit nowadays
three way linking has one purpose and one purpose only which is to trick the search engines into seeing one-way links, it's not for the visitors so therefore is spam
an example of three way linking is site A links to site B, site B links to site C and site C links to site A
search engines detect these soams most of the times.
so, there is no benefit
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