I dig this guy's assessment -
http://www.zerohedge.com/news/2015-06-14/global-macro-investor-interview-raoul-pal'Bitcoin’s block chain is essentially the world’s biggest ledger. It’s unique because ledges work like you record the buy, I record the sell, that’s how it works; but with bitcoin you record the buy, I record the sell and he records both transactions. So it’s a tri-party ledger and that means that it’s a much more robust system. If you go bankrupt there’s somebody else who can prove what has happened.
So it’s a proof of ownership system and it’s enormous. It is by far the largest thing since the development of the internet in terms of the amount of computing power used. And we can put anything on the block chain, like house documents, insurance documents, whether there’s need to be proof of that contract’s existence.
But the real value by far is going to be the global securities and custody industry, because that is where the rotting heart of the leverage lies – where collateral is reused 20-30 times without you even realizing. If you own some US government bonds, you don’t realize that they get used 40 times by everybody else in the system. Your bonds that you own and that you bought.
But with the block chain we can move the entire securities industry onto this ledger system where it will be monitored and kept and stored in real time. So you will never get into a situation like Lehman where nobody knew who owned what assets. And to own a part of the block chain you have to pay in bitcoins and that’s why it has a real value, ignoring the transactional elements, which are also interesting. This is the big deal, it is revolutionary to the world of finance'
I'm not massively sold on it as the idea of a currency still. As the backbone of finance and notary systems it makes more sense.
As we've seen repeatedly, lots of people are getting boners for the blockchain. I can foresee them becoming comfortable with seeing bitcoin as the gateway to blockchain access rather than a separate entity.
