| No, they don't. As parusa608 put it, Alexa's ratings are based on the traffic that your site receives based on THEIR (Alexa's) computations or tracking. And I also agree that it is not quite accurate. I think they even consider traffic brought by the site owner, which in my opinion, they don't have a way of identifying or excluding.
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I'd explain it to you; but your head will explode.
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