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Well yeah, I figured it'd be something like that, but how? I mean, I have the key, right, so I already have a copy of the game. What's the difference between having it in key form versus inventory item form?
Yeah, like when I get extra keys from Humble Bundle or something like that.
As far as I know, you're right...it's never been the case. I'm just curious as to why that is.
Let's try asking this question from the other direction. Imagine for a minute that it did work: you could redeem a key for a game you already have and get a giftable copy of that game in your inventory. Now, how could I use that ability to abuse the system or defraud someone?
We must be talking about different things with the same terminology then, because I tested it before I wrote the original post, just to make sure I was illustrating a valid use case. I opened up a new Trade Offer, picked one of my friends, set my inventory section to "Steam > Gifts", and dragged a game into the trade contents area.
Hmm...I suppose, but I'm not sure it's really solving a problem. I mean, if the problem is not being able to verify the legality of the key, you're going to run into that same problem whether I redeem it and then gift the game out, or just send the key to the recipient and they redeem it themselves.
As far as hurting their bottom line, the key is already acquired; if the concern is loss of a sale, well, that sale's already lost. I guess you could argue that they just consider third-party key sites to be inherently undesirable to their bottom line, but then why have a key redemption infrastructure at all?