> price of Steem is underperforming (we've dropped to the low 50s on Coinmarketcap) despite the fact that it's a superior currency

Are you doubting the power of the free market? Maybe it's right where it belongs... Maybe it's overvalued...

>  Why have rewards at all? To create incentive to produce quality content that markets Steem and potentiates capital gains for stakeholders.

This is why I have argued in the past that the price equilibrium is headed towards zero. There is very little incentive to produce a "quality product" that grows the base, most successful product is merely there to play the political game. Steem exists for the core userbase ("the community") to gain power and influence within the userbase ("the community") but such politics scares your ordinary content consumer. Whichs leads to...

>  The rewards pool has been gamed to the point that Steem is suffering from poor enough optics that we underperform the market. 

> Maximizing rewards for improving development and driving capital gains is what actual investors should want. It sure is what the market wants to see, as well as **most everyone** on Steem today.

I don't necessarily think that this is true. I think plenty of people on Steem are content with playing the political game or milking the system for profit. People tend to be self-interested before they care about more global ideas like the health of the network, long term sustainability, etc.