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Don't blame Steam because you couldn't follow instructions, gheez.
i have the same issue with indie bundles, apparently the lockout counter is 6 failed attempts, and a duplicate copy also counts as a failed attempt
i apologize for not knowing each and every one of the 223 games i have in my steam library by heart, and frankly i am offended by the fact that i'm treated like a hacker for this fact(since the lockout is normally intended to block brute force), it's also rather bothersome that steam doesn't document this 5 failed attempts lockout anywhere, and therefore also has no record on how long this lockout takes.
common practice for lockouts is multiple consecutive failed attempts, this is also not the case, it was 6 failed attempts over the course of about 12 redemptions(#2, #3, #4 and #5, then #7 and #9 were duplicates, i got locked out for #10) which was mainly caused by my not expecting duplicates to be considered failures, because another common practice is that "invalid keys" are considered failures, rather than ANY kind of failures, because all of the keys entered were valid
i believe i have been waiting for closer to an hour at this point, and i am still locked out
I believe there has always been a limit of 25 "Unsuccessful" attempts when attempting to activate cd keys, but i believe what is happening here might actually be a bug with the newest steam version. I believe steam might be reading every key you type in as counting toward your "Unsuccessful" attempt count, and once you hit that 25 mark, it locks you out. I don't believe that they intentionally are locking you out from too many successful attempts because of the way the error message is worded. 'tis but a bug.
I just wish Steam would explain about the limit in a clear manner when activating products, so users wouldn't have to search the forums for answers when they hit the limit. But currently there's no mention of it when activating.
(Well, it could technically be part of the 7k+ word subscriber agreement one has to accept on every single activation, but a cursory search for "activation", "retail", "hour" and "minute" sure didn't find any mention of any activation rate limits)