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This is a new term for me "perpetuum mobile" and then add "Link wheel" onto the end of it. What does this mean?
Is a living link wheel
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It is a link wheel that keeps changing.
The name says it all: links create links. Once you get the traffic going, people will link your site to other people.
"link flywheel" would be a more appropriate term. Once the traffic is going, you still need to work to keep it going, so it isn't a true perpetual machine.