It's just the latest iteration of the libertarian fallacy, embodied in code - that a market can exist without a governing body to make sure it doesn't get sold.
People love to talk about how many miners are in China without mentioning that they really can't do much, even if they get over 51%.
I think markets are amazing, and have a lot of sympathy for the more thoughtful sort of libertarian and their concerns about state power. But there's what I think of as fundamentalist libertarians, who seem to worship an abstract idea of "market" that has very little to do with my real-life experience of markets, financial or otherwise.
* Rob Reich, _Saving Capitalism_ [1]
* Steven K Vogel, _Marketcraft_ [2]
What kinds of contracts can be enforced? How much personal liability people should have? Is bankruptcy allowed? and so on. All trade-offs between different groups, and there’s no one “free market” answer to any of them.
[1] https://www.penguinrandomhouse.com/books/227780/saving-capit...
[2] https://global.oup.com/academic/product/marketcraft-97801906...