Comment by panarky

  The whole value proposition [of cryptocurrency] is the digital
  scarcity, and if you have a million of these things then you’ve
  devalued all of them.

...

  I say the more the merrier, the more people trying stuff. You can
  create these economies out of nothing! ... I will buy any coins I
  can get my hands on.

I haven't seen much discussion of this topic. If you assume that Bitcoin and Litecoin have value, and that value is preserved through scarcity, what does it mean when anyone can clone it and create their own currency?