thats the max points you can spend. The more time you do spend on the site keeps you joining a lot. Max points will be 300 so, if you login once a week then that is 300, 1 login a month = 300 points. But if you keep visiting the site everyday (it rack up points) every new GA gives you 1 point. So it may fill up as fast as people create GA's.
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you get 10% of the games value in points, for instanse if i create a giveaway valued at $30 you get 3 points
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Actually, they started the points system out set on 10% but after they realized the points were coming in to fast to slow people from submitting mass entries to every giveaway (even ones for games they didn't want) they cut it back to 5%.
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300 is the maximum number of points for giveaways. If you have less than 300, you get points for every giveaway anyone makes. It's wise to show up daily to spend the ones you've gotten.
The FAQ can be daunting at first, but give it a look: http://www.steamgifts.com/forum/91wob/faq-and-guidelines
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You get points for every slam dunk you do in real life
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When I first joined two weeks ago I had about 20, now I have 300. How did I get so many?
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