When 65% of the currency is mined in China, that's not exactly decentralized. Folks long BTC are exposed to the risk that the CCP will weaponize their mining share into a 51% attack.
so this discussion isn't about Bitcoin
but I can understand how that might not have been clear. I'm not saying these points don't also apply to bitcoin in some degree, this thread just wasn't about it.
All mining is done on earth. Does that mean it's centralized?
I think the implication is that the Chinese government has influence over the currency. If that's true (and I don't think it is, or that they even have any interest, given the rise of crypto capitalism in HK and mainland China) then they could at most attack the network once, completely destroying its value. Sounds like a lot of wasted energy when people can 1) fork BTC to circumvent this 51% attack, and/or 2) opt for another currency to replace BTC as "digital gold".