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This is one of the tips espoused by the Hacker's Diet. I used this more than a decade ago to drop 20lbs:

http://www.fourmilab.ch/hackdiet/www/hackdiet.html

The concept should be familiar to those in startup land, though: "You Can't Improve What You Don't Measure"

Since your day-to-day weight fluctuates, daily weighing wouldn't show you accurate day-to-day improvements properly. My guess is that weighing yourself daily is more about staying focused and engaged; you're constantly checking-in with what you're doing, and more likely to think about it and stick with it.

The Hacker's Diet accounts for this by encouraging you to look at a moving average of your daily weight, rather than the number itself:

http://www.fourmilab.ch/hackdiet/e4/signalnoise.html#Fa73

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