Cryptonite is pronounced exactly the same as CryptoNight, the proof-of-work algorithm used by most of the CryptoNote coins.
It would be ridiculously hard if we tried to make our name avoid all the names of other algorithms or what ever else people will complain it is too similar to. It is pretty hard to confuse an entire coin for a PoW algorithm, and it's not nearly a good enough reason to change the name.
If you are now saying that you want to use confusion as a deliberate marketing strategy, that seems pretty scumbag to me.
I did not say that at all, I just suggested that having the name so similar to popular technology/algorithms might not be such the negative thing people are making it out to be.