Watch: Google is Aware of Temporary Link Schemes
Google's webspam team knows about rotating link schemes. John Mueller confirmed that a reconsideration request can cite a link found only in Google's cache, because the live page has already dropped it.
Transcript
Some website owners try to trick search engines by using temporary link schemes. They spam the web with links, and then quickly delete them to avoid penalties while still trying to boost their rankings. But Google is onto this tactic. Recently, Search Engine Optimization expert Marta Gryszko noticed something unusual. Google's webspam team rejected a reconsideration request and cited a link from a cached version of a page, even though the live link was already gone. Google's John Mueller cleared up the confusion. He explained that when the team suspects a rotating link scheme, they will deliberately use cached pages to find those deleted links. This means you cannot just wait for a temporary link to disappear and hope Google forgets about it. If you participate in these rotating link schemes, Google’s manual reviewers will keep catching the new links as they bubble up. The message is clear: if you are involved in these schemes, you need to stop. Google is watching, and the old tricks simply do not work anymore.