I thought that what we want is more posting members? The problem with the 5 guest post thing is that it's just not easy to do. Hell, there's been times when keeping someone banned who actually registers has been a real challenge...
I say just forget the whole 5 guest post thing. It would significantly increase the job of mods, yes, but it would also increase activity. While more posting members would be awesome, more activity would probably lead to more posting members. If guests engage in a conversation with us, it may encourage them to sign up.
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