Yesterday I linked to an article by Tyler Cowen where he made a strong case for Coin’s inevitable devaluation as a currency, citing the ease with which one could create a cryptocurrency potentially superior to Bitcoin as the catalyst that will push its value further and further down from the high it currently enjoys. Ironically, today a new service made its way into the top ten on Hacker News called Coinage Beta, which allows anyone to create their own alternative currency by filling out a form and paying a nominal fee.
Let the proliferation of Bitcoin alternatives begin. I look forward to seeing how this affects the Bitcoin market, if at all. Tyler could not have posted his article at a better time.