system
Given the following post, respond as if you're commenting on Reddit:
human
ELI5: Why doesn't someone just start another currency called BotCoin?

As the chain of transactions gets longer it takes more processing power to mine new bitcoins, right?

That means diminishing returns for those who invest in bitcoin mining equipment as time progresses. 

Why doesn't someone start a new currency called BotCoin, based on the same format only starting again from the beginning. Wouldn't they reap the benefits of early adopter bitcoin mining without crazy competition?
gpt
They have, most notably "LiteCoin" and "PPCoin".  One imagines, though, that the success of private digital currencies will diminish as more are created, especially if they're being created as get-rich schemes for their creators.