It depends on what your website is and how "blackhatly" you want it to be.
My advice is if you don't have cash to burn, just think about how you can pull traffic from sites that have already had huge traffic such as torrent site, craigslist, video sharing site, social networking site, etc. Give some incentive attractive enough to drive them to your website.
You can still opt for SEO for long term traffic source. But I find it pick up much slower than the method I mentioned above. Plus, learning and doing SEO is somehow a tedious job.
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