Penguin 2.1. Should i work on the original site or purchase a new domain name and start over?

Selected answers from the Dumb SEO Questions Facebook & G+ community.

• 
  ankita sharma: i had a site that got hit by the penguin 2.1 on 4th oct.
  should i work on the same domain name or purchase a new one for the same product and start all over...
• 
  Ranu Jain: Hi Ankit,
  
  My suggestion would to study the link profile of your current site and remove or disavow all the low quality link.  ;It is very difficult to tell how much time will it take to recover from Penguin but if you start from a scratch, it may also take months to establish. ;
  
  So, the initial step could be clean your site's link profile and wait a little. There are chances that this site can recover.
• 
  ankita sharma: Hi Ranu
  
  thanks for your reply....
  it used to rank number one on 3 keywords..
  it has lost number 1 spot on 2 keywords but it still ranks number 1 on one of the keyword.....
• 
  ankita sharma: +Ranu Jain  ;
  does that still mean that i have spamy links.. or is it somethinh else
• 
  Ranu Jain: Possible. Check the anchor texts you have used in building links. There are chances you must have used the keywords (that have lost the rankings) as anchor texts in building links those are low quality. ;
• 
  Greg Kristan: I would suggest this.
  
  Break out your Analytics data into all groups (non paid, paid, direct, etc). Then see what the difference is in the non paid lost traffic. ;
  
  If you see the non paid as one of the top (like 1,2, or 3) that was bringing in strong conversions to your site then yes, yes I would restart. The amount of time you will spend to fix it is time you are not spending on marketing your site. Also chances are it might never ever recover so it is much better to look at the good links you do have any see if you can change the URL to the new site.
  
  Also DO NOT 301 redirect your old site to the new one just because it could carry over the bad links and the penalty!