On the 22nd of May 2013, web spammers and legitimate business owners everywhere held their collective breath as the Penguin 2.0 update was rolled out by Google. This long anticipated successor to the original Penguin algorithm is aimed to crack down on black hat SEO link building and spam on the web.The first incarnation of Penguin was a real game changer for SEO. It resulted in a painfull process of web masters everywhere cleaning up their acts with site rankings plumetting for many. Penguin 2.0 is far more comprehensive, going deeper into sites than ever before and increasing Google's ability to find black hat web spam. This means that more people than ever are looking for help.
Matt Cutts has recorded hundreds of YouTube videos. Many of these you'll find useful if you want to recover from a vicious Penguin attack. We've decided to collect these videos together and give you the knowledge you need to avoid the waddling monochrome spam enforcer. As always with The Short Cutts, you can either get the short answer right away or sit back and watch the whole video...
You will lose the benefit of that link
Look in Google Webmaster Tools in Traffic > Links to Your Site
Ads that don't pass PageRank are fine
It's ok if they're natural
It's possible but can be difficult. Best to get a fresh domain
No, not for a small number of related sites.
Penguin 2.0, advertorials that pass PageRank, attacks on specific spammy areas like 'payday loans' results, more sophisticated link analysis, better detection and reporting of hacked sites, detection and better ranking for people who are industry authorities, refining the Panda algorithm, and better communication to webmasters generally.
Paid content must be disclosed to users and the links no-followed. Google will take action if not.
Uploading files that aren't in plain text (Excel, Word etc.), trying to disavow individual links rather than whole domains, using incorrect domain: syntax, having the reconsideration plea in the disavow text and leaving lines uncommented that should be commented