It'd be easier to get a bunch of underpriced games via bundles or sales and just make legit giveaways. The site treats them as full price anyway. Pretty much what we've been seeing.
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There have been people in the past who have tried to "grind" their contribution value. The mods picked up on this quickly and I'm sure there's some kind of automatic system in place to combat this.
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every account requires $50 worth of games to register on SteamGifts. Giveaways with 1 entry do not count towards total contributions. Therefore, do do this, the person would have to spend $100 (less with sales, but you get the point). I hope that nobody is stupid enough to throw away that much money for a slight increase in odds.
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I was thinking about the contribution giveaways, and I was wondering what is stopping users from creating group giveaways, entering with an alt steam account, and claiming that they received an expensive game that never existed? Surely its against the rules, but is it still possible, or would the moderators ban said steam account?
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