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If you notice, the ELO system was used for a game like Chess. Where there is only one person to count on to win you the game, yourself. This would make sense to use ELO for chess. However I am not going to base my ELO off of how hard I can carry a game, because there are actual people out there in this world that just don't have the luck to hope you can carry every single game. You can do well, do your hardest but you cannot carry them.
The elo system has been adjusted to fit team games/sports if you actually looked into it you would know that. College football, the MLB, basketball. LoL uses the adjusted version. Play more games.
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Elo is actually an absurdly highly accurate mathematical formula. Whether it be a 1on1 game like chess or a team game like bughouse or LoL, people always want their Elo to be higher because it means they are a better player. You want to blame the system for not being accurate... well as someone who has played chess and team chess I will tell you that you really don't know math if you think that is true. Team Elo is based upon the combination of your team's ELO compared to the strength of your opponent's ELO strength. If you are the stronger team you lose more for losing and win less for winning and vice versa.
However you just flat out went on a losing streak... that isn't the system's fault. The system didn't play your game for you. It isn't a matter of if you should lose ELO but how much. You're lucky you didn't lose to teams that were much weaker or you would've lost more. Suck it up and start playing at your old form and you'll get back your points. Blame someone else and continue to slide. It is the same of any sport, you don't get to the top by blaming others or complaining about the system. And arguing the math in place really doesn't make any logical sense. Play enough games and statistically you are what your rating is. There isn't really any debating that unless you want to make up feeling points for your ELO. But games aren't won and lost on feeling points but your game play.