An experience today made it blatantly clear to me that being in the ad exchange business I take it for granted that I know what actually is an ad exchange.

I’m amazed, but it had never really occurred to me that most people think an ad exchange is more like a link exchange. Meaning that an ad exchange is a system where websites swap ads with each other. That really isn’t the case at all, but based on the words themselves and the concept of link exchanges I can see how people come up with that conclusion.
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