We already have Monero for "anonymous currency with ring signatures". Isn't this a little redundant? Or is there a significant difference between the two coins that I'm not seeing here.
I think competition is great and it might keep devs on their toes and feet and try to make things better. Isn't your statement a bit like saying, "oh, we have BMW so we don't need Mercedes". Why should consumers settle for one brand when someone else might improve on the the concept. Free market and competition is healthy, so go SPEC and prove them wrong...