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Well, why do people buy bottled water when it comes out of the tap water system? Evian spelled backwards is naive.
The more PR a page has, the more link love it has to spread around. The more links a page sends out, the less love each of them gets. Why people look at that first number and not the second, I don't know. Plus, a link can be "disabled" by marking it rel="nofollow" and people put some amount of energy into that one. There are a bazillion things that influence the SEO power of a link. PR seems to be the one everybody can look up and feel smart.
Fo realz. If you look at your PR for different pages (it's not SiteRank) I bet you'll find the ones that show the least PR get the most traffic. All blogs work that way. You make a new post, it doesn't get assigned PR until the next update, but it gets traffic until then. That should dispel any ideas of PR being important.
But because it's this one handy number people can look up and feel really smart, those people have turned it into a commodity. Sort of like how stock is worth more when it's value rating goes up, if people are selling links to manipulate PageRank, buying links from pages with high PR and no outbound links, with particular anchor text, and all the other factors aligned, can be beneficial if Google doesn't catch and punish a person for that.
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