First of all, it's not a good idea to compare the minimum wage of the US to the ability to buy Steem. $10.50 is not the country's minimum wage. It is still $7.25 for the whole country; however, many states created a state minimum wage for which they follow. The state minimum wages vary a lot. Minimum wages aren't a good indicator of purchasing power. As minimum wage rises in the US, food prices, and other goods rise in price to maintain a profit, pay their employees, or just stay in business.
Second, mass adoption of Steem will for sure increase its value since the more useable or tradeable a cryptocurrency is the more valuable it becomes. The question I would ask is: What will it take for the masses to accept and use SteemIt and its cryptocurrencies?
Third, where did you find, or how did you figure out the inflation reduction percentage for Steem?
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Take a look at the white paper https://steem.io/SteemWhitePaper.pdf
Thanks
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That's interesting, where in the US is it $7.25 still? I guess I'm wrong but I was pretty sure the news said it was nation-wide, but hey, I've spent years outside of the United States. Oregon is $10+, my brother told me.
For the masses to take on Steem it just has to grow in popularity with apps. Video games are a great way to do it, and delegation memberships. So, for example, let's say you want to get great news online, a lot of news sites are struggling to be profitable. This is where delegation proves to be one of the best features on Steem. News sites could make membership require delegation before having access to the news articles, then the news site could utilize SMTs and high value upvotes thanks to delegations to compensate journalists.
Delegation-oriented membership services to me seems like the most effective way of onbaording new people. Businesses need to offer a really cool service/product and make access to it require Steem delegation. This way, the new person gets a steem account, delegates 15 SP to the business' Steem account and then has unlimited access.
Imagine something like this being done for eBooks sort of like Kindle Unlimited where people have to pay $9 every month, but with Steem you only have to keep 15 SP delegated to the business and you continue having unlimited access to books. This means they pay once for that 15 SP, still technically own the SP and benefit with free access to books simply by keeping the SP delegated to the service. Its massive cost savings for the customer. The same kind of service could be done for something like Netflix. Want to make millions of dollars? Do that idea, make Steemflix! Or make Steemdle Unlimited... ;)
It's still $7.25 in quite a few states. This website has the 2019 minimum wages per state: https://www.laborlawcenter.com/state-minimum-wage-rates/
Delegating SP as payment for services or access to goods is a great idea. Thanks for replying.
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