Friend of mine has his on private, I have mine on public.

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Benefits for me on public:

I main Widow/Hanzo and flex DPS when I need to, people can see my stats and win rate and not tilt since a lot of people don't like instalock snipers.

They can see I'm competent with (mostly) every hero, but when I ask for a switch I can lead them to my profile - this can seem "toxic" but if I see I can help the team going from Tank to DPS, I want a reason behind my logic.

I personally don't like looking at a private profile, so I keep mine public

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Drawbacks: none for me personally, I prefer it since it benefits me more than a private would.

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Benefits for my friend on private:

Everyone has bad days and he's more sensitive than others, so if he loses SR or isn't having a good day on his mains, he can swap freely without others telling him to play his main.

Big flex player, but has most of his hours on main tank yet prefers to play support

People can't flame him for being xxxx SR

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Drawbacks:

When I play with him (not sure if this happens when he solo q's), people do get tilted often if he has a private profile and isn't playing well.

Can't defer people to his stats/winrate if he feels a change is necessary.

Doesn't feel the need to perform his best because his profile is private.

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Just my observations, not speaking for a general consensus - I'm extremely competitive and I like showcasing reasoning with numbers, so this is just my two cents.