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To watermark free content or not to watermark?
If you run an affiliate program and you don't watermark your content, it will certainly be used in ways you didn't intend.
If you DO watermark your content, you get some ad value even on the stolen pics... but you can possibly lose affiliates who don't want their surfers to visit their site and then type in your domain.
Which is better? Does it even out?
**In the case of a single-girl or microniche site with exclusive content I'd say ALWAYS mark the content. That's not what I'm discussing.
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