Simple example of two non-equivalent norms on infinitely-dimensional space:
Consider space of all contnuously differentiable functions $X = C^1 [0,1]$. Then equipping it with the norm:
$$ \|f \|_{C^1} = \sup \limits_{x \in [0,1]} |f| + \sup _{x \in [0,1]} |f'| $$
gives us a complete space (Banach space), but if we consider norm:
$$ \|f \|_\infty = \sup \limits_{x \in [0,1]} |f| $$
Then the normed space is not complete, hence the norms are not equivalent.
Another way to see it is to consider sequence $f_n(x) = \frac 1n \sin (2 \pi n x)$, which is convergent to $0$ function in $\| \cdot \|_\infty$:
$$ \| f_n \|_\infty = \frac 1n \rightarrow 0 $$
norm, but not convergent to $0$ in $ \| \cdot \|_{C^1}$:
$$ \| f_n \|_{C^1} = \frac 1n + 1$$