According to my reading of the Steem White Paper, one of the issues this is designed to address is what the WP says bluntly on page 25: 'Micropayments Dont' work.' While I think you're right that increasing market cap will diminish the obvious inequity of the Whales vs Everyone Else situation right now, what it won't do is address the overall power imbalance that I increasingly feel the blockchain favours. As market cap grows, the value of small holdings will dwindle towards nothing, while large holdings will grow in absolute terms even as they shrink in percentage terms. The real issue for me is this appropriation of surplus value by big players - be they founders, early adopters or simple investors who have bought their positions directly (in a straight cash-for-influence/power swap that could hardly be more nakedly 'capitalist'). It's very clever and it's probably going to make a few people rich.