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It is a post that does not add much, if any, context, information, opinion, or otherwise original content to the post it links to. It is essentially a blog post that say "Hey! I found this cool post here! You should read it!" It is considered "spam" because the post it links to is inherently more valuable than the blog post itself; if the blog post added valuable content or insight to the linked article, it would not be considered blogspam.