After latest update steam only runs once, crashes on subsequent runs

[ItsMeOnly]

Running Steam on Linux 2.6.34.14 32-bit
STEAM_RUNTIME is enabled automatically
Installing breakpad exception handler for appid(steam)/version(1409240101_client)
Installing breakpad exception handler for appid(steam)/version(1409240101)
Installing breakpad exception handler for appid(steam)/version(1409240101)
Installing breakpad exception handler for appid(steamwebhelper)/version(20140828032355)
Installing breakpad exception handler for appid(steamwebhelper)/version(1409196235)
Installing breakpad exception handler for appid(steamwebhelper)/version(20140828032355)
Installing breakpad exception handler for appid(steamwebhelper)/version(1409196235)
Installing breakpad exception handler for appid(steam)/version(1409240101)
Installing breakpad exception handler for appid(steam)/version(1409240101)
Installing breakpad exception handler for appid(steam)/version(1409240101)
Installing breakpad exception handler for appid(steam)/version(1409240101)
PulseAudio connect failed (used only for Mic Volume Control) with error: Access denied
Installing breakpad exception handler for appid(steam)/version(1409240101)
Uploading dump (out-of-process) [proxy '']
/tmp/dumps/assert_20140830215526_1.dmp
/home/rambo/.local/share/Steam/steam.sh: line 730: 2044 Segmentation fault $STEAM_DEBUGGER "$STEAMROOT/$STEAMEXEPATH" "$@"
Requested Force create but SharedObjectMutex already created
Forced create but already created for SharedObjectEvent
Forced create but already created for SharedObjectEvent
Finished uploading minidump (out-of-process): success = yes
response: CrashID=bp-6af18ae9-6a21-48b2-918c-da67c2140830

When I remove ~/.local/share/Steam, steam will start OK (bootstrap will download the update and run without issues). I can even leave SteamApps and still be able to play the games, but steam crashes again on subsequent run.
All the previous releases worked like charm.

[Tangent128]

I am experiencing the same behavior. It launches fine after a --reset, but not after exiting and relaunching.

It doesn't appear to matter if I'm opted into beta or not.

Running Steam on arch rolling 64-bit
STEAM_RUNTIME is enabled automatically
Installing breakpad exception handler for appid(steam)/version(1409240101_client)
Installing breakpad exception handler for appid(steam)/version(1409240101)
Installing breakpad exception handler for appid(steam)/version(1409240101)
Installing breakpad exception handler for appid(steamwebhelper)/version(20140828032355)
Installing breakpad exception handler for appid(steamwebhelper)/version(1409196235)
Installing breakpad exception handler for appid(steamwebhelper)/version(20140828032355)
Installing breakpad exception handler for appid(steamwebhelper)/version(1409196235)
Fontconfig error: "/etc/fonts/conf.d/10-scale-bitmap-fonts.conf", line 70: non-double matrix element
Fontconfig error: "/etc/fonts/conf.d/10-scale-bitmap-fonts.conf", line 70: non-double matrix element
Fontconfig warning: "/etc/fonts/conf.d/10-scale-bitmap-fonts.conf", line 78: saw unknown, expected number
Installing breakpad exception handler for appid(steam)/version(1409240101)
Installing breakpad exception handler for appid(steam)/version(1409240101)
Installing breakpad exception handler for appid(steam)/version(1409240101)
Installing breakpad exception handler for appid(steam)/version(1409240101)
PulseAudio connect failed (used only for Mic Volume Control) with error: Access denied
Installing breakpad exception handler for appid(steam)/version(1409240101)
Uploading dump (out-of-process) [proxy '']
/tmp/dumps/assert_20140831153103_1.dmp
/home/tangent128/Steam/steam.sh: line 730: 27777 Segmentation fault (core dumped) $STEAM_DEBUGGER "$STEAMROOT/$STEAMEXEPATH" "$@"
Requested Force create but SharedObjectMutex already created
Forced create but already created for SharedObjectEvent
Forced create but already created for SharedObjectEvent
Finished uploading minidump (out-of-process): success = yes
response: CrashID=bp-a97e3f56-2e82-469b-9fc1-0d5372140831

[ItsMeOnly]

Upon investigating it further: in my case the crash happens when you let steam remember the password.

[Tangent128]

Aha! Leaving "remember my password" unchecked seems to fix the problem for me too.

[gdrewb-valve]

Duplicate of #3415, closing.