Why is it that some of us see this thing as a true - to use OP's word - transcendence, while others see it as an impossible and laughable scam with no value?
Not sure if rhetorical, but..
I think it has something to do with the large number of loud speculators that promote (or disparage) Bitcoin for short-term gain. Also, the history of tech is full of stories of revolutionary inventions that were initially dismissed as insignificant, often by high-profile people. The personal computer, and the web come to mind.
I love drawing parallels between Bitcoin today and the web around 1993. However, one interesting distinction is that Bitcoin has a (very public, wildly fluctuating) dollar figure attached to it. Despite not being a very accurate measure of true value, that figure certainly shapes many people's perceptions regarding Bitcoin's value and potential. I often wonder what the early web would've been like if it had a similar figure attached to it. I imagine it would've been one hell of a roller coaster.
Also, great post OP.