Quick corrosion toolbox talk by a corrosion science student for anyone that may find this of interest....
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Chrome plated components can suffer an aggressive form of localised corrosion in locations of local coating break-down. As the vast majority of the surface area is protected by the chrome, this becomes the cathode in the electrochemical cell. The breakdown areas become the anodes (the anodic areas corrode, i.e. the bubbles), and because the cathodic/anodic reactions must be balanced to conserve electrical neutrality, the far greater cathodic surface area to anodic surface area results in accelerated anodic dissolution (corrosion). Chlorides (such as sodium chloride, i.e. salts from the roads/soils etc), are aggressive passive layer attackers, and within threaded components for example, can promote "crevice corrosion", where the corrosion by-products actually catalyses the ongoing corrosion, as it lowers the pH drastically (becomes very acidic) in the bubbles, due to hydrolysis of the metal ions in solution within the bubble, and the production of hydrogen ions (H+), (pH = -log[H+])
The bubbles you see are evidence that local breakdown has initiated, and anodic sites have become established.
The best thing to do in my opinion, is gently emery paper the bubbles (to remove these closed cells & halt the on-going corrosion), then apply a water resistant coating (clear varnish?) in that area. Try to always wash the bike down to remove wet spray/soil etc after each ride to avoid chloride ingress (& build up), within cavities such as threaded components etc, & of course the dryer the bike, the less corrosion takes place overall as you've removed the electrolyte, and ambient temp corrosion is impossible without an electrolyte. Hope this helps.
Cheers
Crispin