Funnily enough I was thinking about this whilst cleaning my teeth this morning (that's how much this has taken over my life!)
I was always under the assumption that building links too fast damages your site, and that it should be a natural progression. This is what I've read and heard from an seo agency.
However, a thought occurred to me.
Google's rule is that if a competitor can do something to harm you, then Google should make it harmless. So for example, everyone knows paid links are naughty but competitors could buy them for your site, therefore doing something naughty to your site. So Google can't punish you for paid links, it can only devalue them.
So surely the same should apply to link building? If a competitor knows a new site is being built in his market, why can he not go out and get loads of links and point them all to your site? Therefore Google, surely, should not penalise you for it but it can devalue them.
I think the rule is the same old cliched rule. Get links that are high quality, from relevant sites etc and Google should not punish you.
After all, a new, legit, site that receives a lot of attention or PR or whatever can't be punished if it gets loads of natural links when it launches.
My 2p.
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