Calorie-burn confused PART 2

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Yesterday I had posted that my Heart Rate Monitor (HMR) watch was reading differently than the elliptical machine at the gym. I decided to use my watch without the chest strap one last time, and I even switched to a different elliptical machine. The machine calculates heart rate constantly, so I tested something. I took my hands completely off the sensors on the handles for several minutes and still went. The machine was still saying I was burning calories, yet my heart rate is not being tracked.

Is that reading due to speed and distance over time? Or is the machine's calorie burn clearly estimating based on weight age and preset fat burning program? I will be returning my watch tomorrow as it seems completely inaccurate. I again did 30 mins on elliptical and went a bit faster. My heart rate was at a steady 160 for most of the workout. My watch seems to base calories burned from the programmable age, height, weight, stride distance, and steps taken. It again said I burned 150 calories in 30 mins.

I am very sure i did not burn 430 calories, probably half of that. But I will be getting the watch with the chest strap tomorrow to see if that changes my watch readings. I just feel this site AND the machines show much bigger numbers than are actually being burned.

Thoughts/opinons?