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Can you just transfer steam profile awards endlessly between 2 accounts?

If I'm not mistaken, you need to use some of your points to award the other user's profile. The person who gets the award will get 1/3 of the points you paid for the award (after a 2 week delay). So no, you can't do it endlessly without buying new points, because you essentially pay a tax of 2/3 each time you transfer points to someone else.

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