Coinye / Kanye – the Death Knell of Bitcoin

This is hilarious. Some new digital cryptocurrency has sprung up, called Coinye, in jest after Kanye West. West’s lawyers are threatening a lawsuit. Click here for an article.

The possible lawsuit is somewhat comical, but there are much broader implications here.

Bitcoin already has competitors, and more are popping up every day. Yes, other people can make digital currencies that will compete. It is similar to the way competing banks had their own currencies hundreds of years ago. The only difference is the supply of competing digital cryptocurrencies is essentially infinite, so the market will be completely undermined in due time. Funny that Bitcoin advocates said it would be immune to inflation. Yet being a digital currency where competitors can be created with a few keystrokes makes Bitcoin more at the mercy of inflation than any other financial instrument that has ever been devised in the history of mankind.

Did Bitcoin advocates seriously never think this wouldn’t happen? It is so absurd that I don’t even know where to start.