And there's more to crypto than just Bitcoin, which renders your argument regarding China entirely redundant.
There's only one thing you need to understand about bitcoin. Everyone on this forum is nothing more than a random slob who has purchased a lottery ticket hoping to participate in a get rich quick scheme. Where the rubber hits the road is when you have people who have worked on some Foxconn assembly line their whole lives and have to choose how to store their life savings. For anyone not trying to participate in a get rich quick scheme, they view this stuff as nothing more than sketchy, worthless fiat 2.0.
Unlike the economically illiterate west, the Chinese aren't idiots about money. Yea, they like to gamble, but they're not going to store their life savings in imaginary dogecoins. Most of the people posting here are delusional gamblers, or conmen trying to trick fixed-income retirees into buying their latest pump and dump scam. Like most pump and dumps, they will trick a few people and rob them blind, but the majority of people left holding the bag will be the gamblers themselves.
No, cryptocurrency is not some paradigm shift. They're all designed to centralize, so every single thing in this entire sector is nothing more than a permissioned ledger, federated chain in the end, like Ripple already is now. And they can't scale, except when fully converted to federated chains anyway. It doesn't matter how much hand waving and bullshit you bugmen try to fabricate, there is no type of monetary instrument on this planet that removes middlemen and counter party risk besides physical, commodity based money like silver or gold (or physically carrying around lumber or oil if you want to go that route, but nobody does, so metals always win Exter's Pyramid in the end).
