“Bubble or no bubble?” That’s the question being asked about Groupon given its expected $20 to $30B stock valuation. Two and one-half year old Groupon is the pioneer of daily discounts for members from local service providers. Its revenue from 83 million users across 43 countries surged in 2011 to $644M just in its first quarter, versus $44M for the same quarter of 2010. Despite this rapid growth, it’s in the red. Groupon reminds me of a hearty perennial bulb, bound to break through the crusty earth come spring because its time has come. Increasingly powerful purchasing agents have pounded B2B suppliers for discounts since the 1980s. Big-box retailers have demanded excruciating discounts from consumer goods companies like P&G and Kraft. So why shouldn’t service providers have to discount more? Enter Groupon. Now local services like fine dining sell for huge discounts from…