Only one of the stem clamping bolts is actually doing anything. Given that it's a steel steerer, stem damage and headset loosening are more likely than steerer snappage, but I still wouldn't ride it in the condition shown in the pictures.
i have it now at 3.5 2.5mm, and the whole bolt is now below the steerer end. plan is to win the extra two with the low stack syntace 26mm stem, and maybe lose a mm with a shaved tester topcap
Only one of the stem clamping bolts is actually doing anything. Given that it's a steel steerer, stem damage and headset loosening are more likely than steerer snappage, but I still wouldn't ride it in the condition shown in the pictures.