First off, the cap, as quoted from the FAQ, "is to prevent users from stocking up on points while being away for long periods of time", it doesn't really sound like it's intent is to limit what people can enter.
Secondly, in addition to what people have said about lowering the cap benefiting those who spend more time on the site (which isn't ENTIRELY a bad thing, but still, no), it would also benefit those who frequently enter for games they don't particularly want since they will always be under the cap.
You idea seems to benefit the greedy more than it solves any "problem", which only you seem to be having.
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As steamgifts.com has gone completely public, the number of members and consequently the number of entries on each giveaway has gone up greatly. To combat this, I believe the amount of points that a member can have from 300 to 200, 150 or even 100. This would mean less entries and leveling of the number of entries on the cheaper games versus the number of entries on the more expensive games.
Just a thought. Discuss.
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