Don't dump it. If I think I ruined a beer I bottle it in one gallon carboys to save myself the effort of potentially bottling ruined beer.
American and Hungarian oak cubes have mellowed out harsh high gravity beers for me in the past so you may want to look into oaking.
One last idea; try mixing a little with a dry mead and see if you've made an acceptable (nontraditional) braggot.
I guess what I'm getting at is use your screw-ups as a chance to experiment. Even if you've ultimately concocted an unpalatable grog, the opportunity to learn can help offset the discouragement and rekindle the spirit for experimentation.
*Also, if this is your first gravity reading, that would imply the beer is still young and will benefit from aging*
Reason: the forums censored my use of the word ****