Tagging is definitely not a waste of time and it will give you good results if it is done properly.
You can link keywords and threads on your forum and this will help visitors to find the correct thread and information on the forum which will make a positive difference in the opinion they will have about the forum on your website as they will find the information they require quite easily.
Also, if you link the keywords and forum posts to your main website, it will increase the rankings of the website and it will also help you to get more traffic on the main website.
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