you can buy almost everything, do not you? what you are saying is misleading there are no cops in the shops. You do not need violence to emit currencies, you can just be a bank. If there will be, and it will, rich people owning both bitcoins and other assets in no way the value can go to 0. So it is a store of SOME value, given the rareness cyclical hoarding comes, that's a fact and depends all on the portability and safeness of this asset, which are REAL values no other asset can show. It does not matter if a btc is worth 1 dollar or thousand, it's a safe store for a million dollars wealth, that's enough. That's different from tulip mania because tulips are not inherently a safe storage, we can't say the same of all other bubbles. Paradoxically having no backing asset but just an excellence in cryptographic safety makes this bubble a no bubble or the perfect bubble, as you wish. Only security issues definitely matter.