...Chinese can invest...
If crypto-currencies will be for investment only, they are useless.
And you think 1.5 bln. people will just stand and watch in silence their savings in fiat fade away and at least some of those Chinese not try to do anything about it.
Why do you think there are ghost cities? They are dumping their money into all kinds of investments, not just Bitcoin.
And it doesn't have to function as currency at merchant level, peer-to-peer level is good enough.
For what reason? Taxes are low in China. Remittance is fast, cheap, and ubiquitous. Why avoid transacting in Yuan?
There is one reason. Games and social networking real-time person-to-person payments. And ditto in the lesser developing world.
But Bitcoin is traceable and it is illegal. Mainstream games and social networks will be pressured by the government to shut it down.
Monero is untraceable but can't handle micropayments volume.
See where I am headed with this... "Decentralized Transaction coins...".
I agree with decentralization and scaling concerns re BitCoin. "Decentralised transaction coins" strike me as similar to the ideal system proposed in the Money as Debt films.. Open Transactions aims to provide a fast platform for something like this.