Yup, from the article there doesn't seem to be any indicator what metric the 'Centre for Economics and Business Research in London' used. If I had to guess, probably the Chinese government reported GDP growth (very fake) and the size of population.
> China has 1 billion MORE people than the US and yet the GDP of the US is still 165% of China's
That's because the rural population - 800M - only makes about $4/day, or $1400 a year....crippling poor. https://www.realclearworld.com/articles/2016/09/16/china_is_.... Whenever my clients say they want to expand to China because they have 1.3 billion people! I laugh.
>It means more Chinese entering the middle class, buying American goods
China urban household's per income isn't that much better....at $4500 dollar/year or around $375 dollar/month.
without wash trades to pump up its value, what good is bitcoin for??
- bitcoin isn't usable as a transactional currency. it costs $30-40 per transaction. Plus other currencies are gaining steam, and offering other choices for people to transact
- bitcoin isn't rare to be a store of value.....everyday there's a new viable cryptocurrency springing up
- bitcoin isn't safer than dollar.....it can drop 90% in any day; no official entity is going to prop it up and make sure it doesn't crash. it can be banned by countries (and has been by a few)
- bitcoin isn't easy than square cash or visa or wires.....it can take several weeks to send money. plus the transaction fees are high
- bitcoin isn't usable as a transactional currency. it costs $30-40 per transaction. Plus other currencies are gaining steam, and offering other choices for people to transact
- bitcoin isn't rare to be a store of value.....everyday there's a new viable cryptocurrency springing up
- bitcoin isn't safer than dollar.....it can drop 90% in any day; no official entity is going to prop it up and make sure it doesn't crash. it can be banned by countries (and has been by a few)
- bitcoin isn't easy than square cash or wires.....it can take several weeks to send money. plus the transaction fees are high
1.) It's just like dollar! Shoot, coinbase won't allow me to trade it for 3 months! Every country is banning it? It went up 20% then dropped 50% today?!
2.) It's just like Visa!! Damn it costs me $500 to send $500
3.) It's just like gold! So rare....oh wait, another crytocurrency just came out with 100M unit of supplies.
4.) It's just like the bank!! Damn another exchange got shut down/frozen. The insiders made out like bandits