I do not understand the distinction. How people do/don’t define “magic” on the BBS has always been something of a semantic bugbear.
If we define magic as mostly the technology of how people use symbolism to interface with the objective world, then bubbles such as web development and real estate are precisely magic. It is not internet or houses themselves which diminished in any way, but rather the ways in which people symbolically manipulated the perceived values of these things became unsustainable.
