Why would the fact that China is basically controlling mining do anything to Bitcoin?
Absolutely right.No matter who controls the mining,the real power lies in the hand of bitcoin users.If people stop using bitcoin,all miners will go bankrupt because of huge investment they have in mining.It is a false fear that because most miners are located in China,bitcoin will die
Of course, I agree with you, the Internet has no borders. Technology Blockchain does not matter what part of the world's computing power. The threat arises only when 51% of the computing power is in the hands of one pool. And at this point collecting such big power is impossible.