Jesus Christ, that was really off of you MikeMcc, I took what you said as if your reference work had said it. You can't present your own opinions as those of reference works no matter how right you think you may be.
Confusion over - I was absolutely right. And my calculations showing a safety factor of over 300% were quite sound.
Your three points are wrong. Even when the yield point is exceeded the member can continue to take increasing loads. It will deform, and is more at risk of buckling, but if it does not buckle then it will continue to take increasing loads until final failure which is the 'compressive yield strength' - absolutely not the same as the compressive yield point (which is what your quote seemed to say).
As an example the standard for
H-200 steel H-sections requires a compressive strength equal to the tensile strength.
This is why the NYC building code specifies a 150% redundancy without deformations but a 250% redudancy until final failure.