Comment: Just as a sidenote in case

Just as a sidenote in case this conversation comes up again, you are still viewing this in terms of markets versus centralization or fiat vs marketbased currencies. That's the wrong way to look at the problem. When looking at an economic problem, you must always consider it from its SMALLEST component. And that would be HUMANS. All economic activity is given birth through the actions of humans. So even bubbles are a function of HUMAN activity.

Whenever a bubble is formed, the real worth of the asset is LOWER than its price. That is because of overvaluation by the buyer. Overvaluation is a mistake of HUMAN judgement. Human judgement is impaired when EMOTIONALLY stimulated. It makes no difference if the asset is fiat or a marketbased currency. One can as easily buy a FRN in an emotionally heightened state as a marketbased currency.

The problem is that you only apply what you learned in bits and pieces without questioning what you have learned. There is no information in the world that cannot be questioned. Not even knowledge given by Austrian economists.

Every economic problem in existence is essentially a human problem. NEVER reason top down, unless you reason from the human perspective first, which is bottom up.