What we are seeing today are the innovators getting involved. It is in the nature of innovators to take risks and be the first to join Steem. Some are whales and most are not, but I don't think that matters for Steem to succeed.
The next wave of early adopters will, naturally, also have some whales. When the early majority and late majority arrive, Steem will be well on its way regardless of the ability of minnows to earn money.
Why do I believe that?
Because how many minnows use Reddit and never get paid? How many minnows use Facebook, Twitter, and other social media without ever collecting a red cent?
The curators of content will move to Steem even if the monetary motivation is small, and with them, all of their followers. Of course, I completely agree with your thought regarding selling products and services on Steem. It will help Steem grow faster and spread the wealth to more minnows, but I don't believe it to be absolutely necessary, yet. It will happen, but probably closer to the early majority stage.
If products and services don't get sold via Steem, then the currency has no real value other than speculation.
Don't many cryptocurrencies only have value based upon speculation, or simply as an alternative to fiat currencies, which is speculation? Additionally, most social media platforms started without a way for companies to offer their products and services and become very valuable. Why did they have value? I'm not arguing here, but trying to understand your perspective of tying together a marketplace with Steem, and why it is necessary for Steem to have value.
I didn't say it had no real value. I said it had no real value other than speculation. What you just described is the speculation value. I think having the currency have value beyond speculation is what will drive the market cap up. I don't think speculation alone will do much to increase the market cap above what it is now.
Also, other social media platforms didn't have a way to sell products and services early on, but they also didn't get people to join with a carrot of making money. Steemit is vulnerable to losing a lot of people due to the method of attracting members. If too many members don't make money and leave, then Steemit loses viability.
Thanks for the explanation!