Again, weird post, but since there is 400+ views and no response, I guess I'll answer.
Bacteria would live on the outside of the steak - searing the sides would kill the bacteria, rendering the steak presumably safe to eat, since it isn't ground up.
Personally, while I like my steak rare to medium rare, that would not be my thing, I'd like my beef to be at least warm, but to each their own.
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