Is the blogger and bloglinker system a scam?

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I signed up , I have done everything step by step on the blog I submitted, from putting clickbanks and adsense google links to signing up to like 9 different Traffic exchange websites, submitting my site to the search engines etc etc. I really need to make money and I am wondering if I am wasting my time with this method. Anybody doing this , that can exchange ideas and tell me how long till I start seeing some actual earnings? I am willing to trade info on a private matter for useful information and some motivation..Thanks to all