BitCoin has one egregious and obvious flaw. There is absolutely no defense against the creation of a competing but otherwise identical cryptocurrency-- say, Zit

BitCoin has one egregious and obvious flaw. There is absolutely no defense against the creation of a competing but otherwise identical cryptocurrency-- say, ZitCoin. If I create my own dollar and claim it is backed by the U.S. Government, I am breaking the law. Until a few decades ago, it was physically impossible to create new gold (and now it is still prohibitively expensive-- and radioactive). There is nothing that stops someone from generating a new currency (ZitCoin) with the same desirable properties, but without the obvious favoritism toward early adopters. If one more can do it, then many can do it. I don't see why this won't eventually drive the value of fixed-pool cryptocurrencies to (or near) zero.