I thought about this before, however, now two Cornell University, Computer Science Researchers are saying it. Here are the links to the articles. http://www.seattlepi.com/technology/businessinsider/article/Researchers-Say-Bitcoin-Is-Broken-And-Could-4955201.php http://www.sciencedaily.com/releases/2013/11/131104112234.htm
Academia should stay away from the markets. They know nothing as they do not have to trade it for a living, In my definition of bubble there has to be lots of bit coins for there to be a bubble, you are possibly talking about potential parabolic price action here, but for there to be a bubble we have to be swimming in Bit Coins. But Bit Coins are of very limited supply, unlike fiat it trades against it. The bubble is the US$ you forget the $48billion that the Federal Reserve creates out of thin air every month for their crony friends who are swimming in it. So who is blowing bubbles? Bit Coin market cap is only about 1.5 Billion. that the Fed does is the equivalent of creating 40 new Bit Coin exchanges a month.! So if a selfish miner got loads of Bit Coins you think he is going to sell them all at once or just drip feed those who do not have any at ever higher prices? Common sense is to maximize profits.