So if I ad my competitors to ever link farm I can find will there ranking be affected? I don't think so.
Oh also, link farming more as a verb than a noun would be the act of cultivating links all over, not reflecting any one site but instead your link building practices.
Link farming is a sin in the eyes of search engines specially Google because it is a method of gaining link popularity outside SE's standards.
A link farm is a site with no content, it puts many links throughout the site and that's all. That is what a link farm is.
I'm really curious about this and I tried searching any update about link farming with the Google panda till I saw this info. webrextech.com/blog/google-panda-and-link-farming-update-2011/ So I think this article is really right. So be aware to those sites that you wanted to create your links