I feel like my criticism is indeed honest. It doesn't matter if they were appointed or not, either way it is a huge waste of money. Sure, there is some liquidity being provided, but it is not largely "useful" liquidity (a decent amount of liquidity close to the price feed).

As to your other point, you misunderstand how my proposal would work. Any liquidity incentive scheme you could come up with will cost stakeholders 100% more STEEM than my proposal. Read what I wrote here, that should clear it up... not all dilution is created equally:

SP/STEEM stakeholders are not debased (diluted) with my solution as compared to any liquidity incentive scheme you could come up with. The STEEM/SD printed for autonomous market making liquidity stays on the on-chain books for eternity, for the purpose of market making. It never makes its way into the STEEM off ramps as downward pressure on the market.