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I don't think there's anything inherently wrong with either Valve or Steam. The main issue is perhaps the near monopoly Steam currently has on digital sales on PC. Sure there are other digital storefronts like gog.com and some publishers own services like Origin, but in reality Steam doesn't really have a genuine competitor in the field. This has lead to the situation where Valve can essentially do what they want with Steam without too much fear of repercussions.