I think these people that keep saying it's a bubble haven't yet changed their way of thinking. They're applying olde economic rules to a new economic technology.
By no means am I an expert on finances but it doesn't seem to me like many of these people understand this new world because they're so wrapped up in the mechanisms of the olde.
People are always afraid of what is new and as you say does not follow the norm in terms of paradigm.
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