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if you make galleries, I am sure the percentage is low enough to brush it off. if you are a pay site owner, the percentage point is high enough to make you almost smile at the number.
think about it, how many pictures do you look at a day and how often do you actually type the watermark url into your browser? For me it was less than 5%, and that's only if I wasn't shown a readily available link to the site.
Another interesting question is, how many people will take a link like this - "http://blah.com/hotchick/1/?referer=blah"
and delete the appendage to see the actual main site "http://blah.com".... which would kill your referal fee unless the site sets cookies right away....
Now that I think about it, I'm sorry I took the time to type this whole thing because it's a pretty trivial question and I gave a long winded answer and neither one of us are any richer for the time spent. I'm going to get a drink now, thanks.
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