A black hole from the SEO point of view is a site having a lot of content linked through many inner links, while all the outer links are no follow links. It is called black hole because it tend to gets a good ranking in search engines through the links coming from other sites. The condition for a site to be a black hole is to have a huge content or to be an authority site.
The best Black Hole example is Wikipedia. Another example official government sites, which usually don’t have outer links, but they get incoming links due to the fact that certain information starts from them and other sites cite and links to them.
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