You can deal with each link separately. And when you write the content yourself it makes perfect sense treating each link with DOFOLLOW or NOFOLLOW at will.
But when you have a large community blogging, commenting or posting forum posts on your site, it can become hard to maintain, and then it is better to use an algorithm that tries to decide what links are spam and what links aren't.
As a general rule on this forum we treat links that are simply pasted in as NOFOLLOW, e.g.
www.google.com, while link that are purposely posted using the editor (above the post box) are treated as follow (e.g.
Google).
The reason behind this is that spam bots tend to post their links in this format:
www.google.com and not the styled format (
Google).
Spam can severely hurt a site and it is always good to code your site in such a way that no-one can take abuse.