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May 23, 2013, 11:13:18 PM

That's pretty big news. I don't like the sound of it one bit. The media could dine out on that.

Under 10% of people in China own a car. 40% of families don't own a fridge. The average Chinese person has the same buying power an 9 year old american boy. The people in China with money, will buy/hold/sell BTC as they please. Mass adoption in China was overblown, buying a fridge ranks slightly higher then BTC.

Be careful of statistics, they can show anything you want. Speaking of which...

China has 1.35 Billion People and the US has 315 Million. Now, the US is far and away the biggest BTC using country.
Now try to put your numbers together with my numbers. Remove 40% of the Chines population just on account of the fridges for surely if you don't have a fridge you won't have a computer. But hmmm, maybe you will have an android phone. Anyway, we'll play it safe. So, there is another 810 million people, that is 2.67 times the American population. Without going any further, see where I am going? And if we continue to have currency issues peoples awareness is just going to grow.

How many BTC you think we got anyway?  Grin

90% don't own a car. But they're going to use money holding BTC? There is 0 domestic economy in China. Which is their problem.

The people with money, will buy/hold/use BTC. The rest? They weren't a factor anyway.

Any attack by Chinese Govt, probably makes it more popular.

We need very very very small adoption for BTC to be "successful". If and when it continues to get attention and appreciate you are going to get wealthy buyers from poor countries. Eventually, once the price stabilized you will get more people without any wealth what so ever buying BTC as a store of value. Just looking at the quantitative easing (hyperinflation) going on around the world, having a currency for and "buy" the people is going to sound a lot nicer...

I really hope the Chinese government doesn't attack it as I think it will affect adoption. But maybe your are right. There is a huge psychological component that is often quite hard to predict.