I don't see the large number of crypto currencies as a direct competition to Bitcoins, because the Bitcoin market is already so huge with so much money invested in it. It's fine if investors are looking for different projects that are based on different protocols. This is part of the financial evolution of the crypto world, the more money is attracted the more opportunities there will be to invest it. It's similar to the stock market, there aren't only the big blue-chip companies we can invest it, also a large number of small and medium sized companies are traded at the stock market that investors can profit from. And here we don't hear either that the big companies complain investors are going for the smaller companies. Having a large number of potential investment candidates makes the market seem more attractive. In the end everybody can decide for himself where he want to put his money. The only issue is if people are investing in a new alt coin project and think that it's going to be next Bitcoins. The chances that Bitcoin is overtaken by another project as the leading crypto currency anytime soon is not very realistic. If there was only Bitcoin, then of course more people would be using it. But having no alternative feels a bit forced into something and it's better when people are choosing freely Bitcoin over another coin.