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There's no way to answer that unless Google tells us one day. It's also impossible to test such a theory. However, going with my gut, I'd say it is possible for Google to pass through less value as you add more links to your page. My answer is not based on facts, only logic. Google is extremely smart and they know 95% of websites are manipulating the contents and links in their site in an effort to achieve higher placement and therefore, most likely give more links = less value.