Taleb is right, and Bitcoin is no bubble.
Maybe it’s gum.
A “bubble” becomes a bubble when you run out of nonbankrupt people calling it a bubble. ~ Nassim Taleb
The hard part is deciding when the bubble will pop.
So, when a rich guy tells you something is fundamentally great, he’s enticing you to do the bubble; but it’s not, until he shuts up. Think Buffett and Coke.
If the same guy tells you it’s a bubble, it isn’t, because he wants to slow you down so he can get in. When he shuts up, then it’s bubble time. This goes for seemingly staid banker types.
The rich guy then shuts up when he’s selling and laughing.
Sum-up: A bubble has two elements – a rising price, and an inevitable but unpredictable crash. It doesn’t mean that the smart money can’t get rich at others’ expense.
Disclaimer: I call Bitcoin a bubble. But then my opinion doesn’t count. After all, I’m just an economist, and Nassim Taleb says economists don’t know anything. He’s right.