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1. The least damaging is that Googlebot figures it out and in 90% of the cases the site does get banned for forum/blog spam. Sometimes with good healthy SEO you can get back out of the ban, not right away.
2. You get reported and they manually ban your site, from that you never get out of.
Forum/blog spamming is a boost of traffic until Google figures it all out, the high rank can last you a few weeks up to a few months before they catch up with the trick.
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