It's in the app layer, we dont need a "fifth" layer.
The original article argues that cryptocurrencies are a layer of protocol, wrapping those above it. Looking at NameCoin, it isn't an argument that should be dismissed out of hand.
I think I prefer the '5th layer' concept - an extension of the TCP/IP stack between 'Transport' and 'Application'.
Bonus points for the Snow Crash quote though - one of my favorite authors!
That's raised in the first comment, by Fred Wilson. Naval's response was:
You are correct in that it’s technically another set of application layer protocols – I was just being provocative with the title Although in theory it could be a resource allocation layer on top of SMTP, HTTP, etc. Semantics…