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Where is rational value set, if not in the free market?

What free market? The free market of centralized thug banksters and cronie-capitalism?

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The free market of money is the black market, where Bitcoin is the king. You could argue that it's overvalued because of white market use.

Black market prefers cash, Bitcoin is NOT king of the black market.

That's unfortunate, because if Bitcoin is all white market, then it's failed to live up to its value proposition.

I guess you're right, you should send me your whole wallet, the value proposition has failed.

How can Bitcoin possibly be secured in the white market?