And this is where the math fails:

What if, however, we see 5M user on the Steem blockchain? This jumps the amount of STEEM required to 50M.

We are currently operating at 10xRC. At this point only STINC knows the actual RC projections.

I don’t know if anybody already deconstructed the RC matrix. Does it go up if more active users? Do transactions become cheaper (assuming no 10x in play).

Because unless the 10x is maintained, which then allows just as much spam as before given sufficient accounts, the price of STEEM may very well crash because “premium” blockchain to operate on. If you need 1k STEEM for a post and 30 comments/day... that’s a steep entry.