Using Duplicate Content For Guest Posting

Using Duplicate Content For Guest Posting

Hey guys, is it okay to use duplicate content(Not identical to my original content, but a similar content from any other website) for guest posting. I know a website where I can post anything I want and we dont need to wait for approval to publish our content so I though if I simply use duplicate content to put my links. I am not worried about that website getting deindexed. It has more than 50K registered users and I have been using it for some time ( Not for SEO purposes ) and I always see the pages of the website within the 1-5 pages of Google search although most of my articles were duplicate :/.

Any other risks apart from my backlinks getting deindexed?

Post content on your main web2.0 site (not your money site) with link back to your moneysite.
Now submit your content on other sites and at the end of the article mention
source: http://yourweb2.0.c0m/article1