Bitcoin Forum

Libra VS Bitcoin  (2 Coins Enter 1 Coin Leaves???)

Bitcoin Created by Satoshi
VS
LIBRA Created by Corporations


Libra Specs are still not confirmed, but faster transactions speeds and lower transactions fees to gain market share seem likely.

Libra is Centralized Control and Bitcoin currently is not.

Libra value per coin should be stable since the Corps are backing it with fiat reserves, while Bitcoin price can rise or fall quickly.

My thoughts are merchants will flock to it because of price stability , plus a little corporate nudging.

Bitcoin will still be harder to censor than Libra and its price won't be as stable,
but investors and traders don't want stability, they make money with the market swings.

So Investors and traders will still favor Bitcoin,
While Merchants will favor Libra.

So what is everyone's else thoughts?

Will one defeat the other or are they fighting in different rings and never shall they actually face off.

what i find funny reading about libra

says "protects users’ privacy by never mingling your Libra payments with your Facebook data"

but then says "You’ll pseudonymously buy or cash out your Libra online...  ...and spend it using interoperable third-party wallet apps or Facebook’s own Calibra wallet that will be built into WhatsApp, Messenger and its own app."

but then shows
https://techcrunch.com/wp-content/uploads/2019/06/Facebook-Calibra.png

oh look someones facebook profile in same app as the payment

people will laugh when they get facebook notifications/messages that a friend paid them X. and questions start arising 'but how does facebook notifications know'

the way i look at it. libra wont 'mingle' facebook data.. to avoid blockchain bloat.
but facebook will include libra data because how else will messenger inform you been paid

no gavin was invited to a conference to explain to government agencies what bitcoin was all about.

whats next.. andrea's antanopolus is a canadian government leader because he went to speak to canadian leaders

that must make Luke JR god because he is a bible preacher.

Then there is no relation with Bitcoin and Libra. So Libra is basically a stable coin. I agree it is giftcard, like amazon gift card. But it can be use digitally. We can not say it cryptocurrencies. More like loyalty points.

Lots of project has been launched in the passed with somuch hype and made so many crypto enthusiasts believe they can displace bitcoin, but not till date has been able to take over bitcoin in terms of usage and acceptance and trust me when I say not even the so much hyped Libra coin will out perform bitcoin. The centralization of Libra coin alone will play to bitcoins advantage as crypto enthusiasts prefers decentralization which is the main purpose of crypto currency and blockchain in general. Bitcoin will remain king and all other will only try but will never get close

Anything backed by a large existing company with a huge target market will be successful because it has a large network of users and merchants and also the backing of the government, because the government wants that information.

It is a well known fact that Facebook is feeding the US government with people's personal data and now they are adding people's private financial data too, so this will be a valueble asset for the US government.  :P

People needs to decide if they want their private financial data to be accessable to the US government and all other agencies that work with them.  ::)

Libra, to me, marks the beginning of a new era in human history, the age of the corporations. We tried to find a new way by introducing public blockchains; however, it is more likely that corps like Facebook will control the Blockchain space soon, at least it will be perceived like that by the general public.

Hopefully, we will get back on track towards decentralization soon. BTC

The idea that Libra will be replacing or is meant to replace bitcoin is far from the truth. I think that should have been clear by now after the Libra people released some information. Libra is primarily meant to be the cryptocurrency and platform that will work with the social media sites controlled by Facebook and maybe if the market is responding well also with remittance or transferring money and payments. The captured market for Libra is quite big and if done well they can thrive and prosper within this market.

Just come to think about it...how come a stablecoin like Libra replace bitcoin? They are two different platforms and comparing the two is a big religious sacrilege.  The cryptocurrency market is expanding...heck we have so many projects being introduced even as we speak via the popular IEO crowdfunding...it means there will always be room for expansion. And Libra being one of the new projects has nothing to worry about what others might say in the cryptocurrency industry because it is certain of its market...in the same way that Mark Zuckerberg never cared what others might say when he started Facebook.

At the end of the day, it is the marketplace that will determine which will win and which will lose but this time around to assume that one will die in between the two (Libra and bitcoin) seems preposterous to say the least.

Personally, i can't see any similarities between Libra and Bitcoin neither facebookcoin and Bitcoin. Bitcoin will still remains decentralized while all others cryptocurrency(altcoins or shitcoins) will remain centralize and be control by the government. Never trust these shitcoin you are comparing to Bitcoin because, facebook will sell your personal data to the government while Bitcoin will hide them from the government.

In general, Bitcoin is definitely a better cryptocurrency than Libra, especially one the technical field. We still don't know much about Libra, but its whole idea is far more different from basic concept of cryptocurrency. From what I see, main purpose of this coin is some kind of universal money for Facebook and associated brands - so there's no chance for privacy and decentralization. But this is also a big advantage of Libra - it will be easily available. For example, one of its partners are MasterCard and Visa, which means it will probably be  available to buy this coins with your credit cards - in case of cryptocurrencies, you can only do it on some specific sites, like buycoinnow.com We have also Spotify, Uber and other brands which will probably be using this coin for transactions too.
So in the end, this coins will be completely different

Maybe the government wants to force people to use libra than bitcoin so they will get the benefits of the coins. But still, I don't think that libra can compete with bitcoin, especially if the government control libra because bitcoin offering people to have their own money and people can manage their money. But people will choose whatever they want, and the government cannot force what people choice because it's related to their freedom to use the money.

Um, right, firstly, they are gonna have to force us to use Facebook first. Which I never will. In fact, after I found out Whatsapp belonged to Facebook, or they bought it can't remember which, I stopped using it too. My life is already too busy to go on social media.

And on crypto, my life is too busy being with Bitcoin to get another crypto that doesn't even belong to me if I buy it.

Libra has features that makes it superior to Bitcoin for day to day payments. It would certainly increase the number of crypto users. It's a merchants coin and a trading tool.
Bitcoin on the other hand is now a speculative coin, a rare token to have. Libra would not directly compete with Bitcoin as its a stable coin. Bitcoin is the king of crypto.

However Facebook being already recognized with a huge userbase will easily find success unlike its features compared to bitcoin and other cryptocurrencies. Already more contradictions were there with its new coin, but being in the testing phase everything will be rectified and a perfect outcome of libra can be expected by 2020.

libra is just applepay on steroids

its all just based on a dataset of values where the unit of measure is the equivalent peg to fiat. all that changes is that it takes visa out the middle

facebook has a billion users outreach so expect it to cotton on as fast as applepay did in mainstream

that said. its not bitcoin. its just DLT (distributed ledger tech(centralised blockchain))

too early if we compare between Facebook Coin (LIBRA) and the king of crypto currencies namely Bitcoin (BTC).
we also don't fully know about the clarity of this project.
has there been an official notification from Facebook about this?

It's too early to say but in my own opinion, Libra will get the hype that it needed since it is backed up by big corporations. Imagine how many people use facebook so hype will be expected but Libra will never surpass bitcoin since Libra is a stable coin. We'll see by next year what will happen to it.

It's good that libra coins make the value of bitcoin even higher. Libra coins will be the top 10 coins, because Libra supporters are big companies, and surely prices will be stable.

Just like you have highlighted that merchant will prefer Libra than Bitcoin meaning that Libra will be competing with other payment processors like paypal and other giftcards while for the traders, Libra will serve as an umbrella during drop in price of crypto. This mean that people will be interested in converting the coin to Libra when the price of bitcoin falls. It is hard to predict but I do not see Libra as replacement for bitcoin but rather another contender. Libra will certainly be in top 5 coin or marketcap

Our community is only here because of BTC, we all share the same ideas behind BTC and cryptos in general
I'll not support this coin, no matter what, and I expect almost all people do the same

They aren't competitors. Libra is just a stablecoin launched on its own private/federated blockchain. Tether and USD Coin aren't competing with Bitcoin and neither is Libra. This is just Facebook's entry point into the global remittance market.

Anyone who uses or values Bitcoin for its monetary properties, speculative value, censorship resistant and irreversible qualities, pseudonymous privacy, etc. will continue to prefer Bitcoin. Libra doesn't address those use cases at all.

no they don't "enter" together because it is like comparing something like BMW with Samsung and say two companies enter and only one leaves! they don't even do the same thing or eve are in the same category to want to be compared with each other.
the Facebook crap is just another online payment processor that is closed sourced (both source code and running node is owned by the company), centralized, and owned by a company that has no respect for user's privacy. meanwhile bitcoin is decentralized, open source and anybody can run a node on his own and nobody can control it or censor some people from using it and some others not.

easy bro  . this is just a normal coin  . this facebook's libra coin dont differ from other coins out there that come and go  . its normal at first to see this coin at hype but eventually the hype will subside and people will return to praise bitcoin again   .

you did mention this community  . this community  is not only for bitcoin but its for general  , we can talk about other coins and other stuffs as long as they are placed on the right section of this forum .

I think most of us will support bitcoin since it is decentralized and run by us. Facebook is very much centralized and collects and have so much personal info from people. Now they want to make even more money from us. Have you seen how much facebook advertising is lately? It's insane. I think the nature of cryptocurrency is more likely to attract people who are against the way facebook runs. We still use facebook but we don't like it.

By objective judgments, according to the indications from Libra coin and Facebook's reputation. It has great backing from big partners like Mastercard, Visa, Uber ... Just because it ignores volatility and decentralization. I will personally support bitcoin. Because of the inherent characteristics of the crypto market. volatility is characteristic that never loses charm.

The presence of Libra coins from Facebook companies will be a tough competitor for Bitcoin. There are many advantages offered by Libra which are not available in Bitcoin. Libra also guarantees that the coin has price stability. Different from bitcoin, the price of which cannot be controlled centrally. Bitcoin will provide huge profits when the price skyrocketed and will make the poorer when the price drops. Different from the stable price libra, but if fortunately the profit is not as big as bitcoin and when the loss then the loss is not as big as the loss suffered by bitcoin. I think these two coins will fight to get as much public trust as possible.

When it is planned to launch another cryptocurrency on the market, a large brand like a facebook arises more doubts than joys. Even using a blockchain, can they guarantee the confidentiality and security of user data? What about past scandals, where did the whole world find out about the flaws in their privacy system?

They ultimately have a grandiose goal to compare with Bitcoin in popularity and make a very flexible product that will allow a large number of users to send cryptocurrency without any problems and use it for purchases. However, on the whole, the society is not prepared to start using cryptocurrencies en masse, since speculations are too strong

The society is not ready, because there are not enough popular sources where people could learn how to use cryptocurrency. I am glad that I found the project taklimakan, he helped to deal with many terms and understand how to trade on the crypto exchange. But we still continue to see cryptocurrency price manipulations. So it will be interesting that Facebook will be able to offer users and investors.

I perceive the expansion of the cryptocurrency market positively. Because there was a time when people did not believe in the blockchain. But now it doesn't even matter which companies, facebook, visa or paper are launching their coin. All this shows the value of the blockchain and reinforces public interest in it. So people can better understand the true value of decentralization and the power of blockchain technology, and innovation can start to happen faster and faster.

I think this is a false dichotomy

As we already have the US dollar which is not a lot different from this new kid on the block. So, if anything, the wannabe Bitcoin killer will have to compete with the dollar, not Bitcoin, as it is centralized and thus not particularly different from any other fiat out there. In simple words, there is nothing to worry about. In fact, we should welcome these attempts at taking Bitcoin down as it will come out only stronger in the end and more people will learn about it

It seems to me that Bitcoin owners have no cause for concern, and therefore there is still no cryptocurrency market leader, And if it is used for its intended purpose, its superiority will be undeniable.  Although if you take into account the new project Facebook, which brings together under its auspices more than 29 companies that are engaged in the transfer of funds, the Libra project can make a really strong competition for Bitcoin.

Bitcoin will be King always ! and Libra will be stable coin, Libra will have new wings, and it will open new gates for crypto's world.
it seems Investor might have great trust toward to Blockchain industry. let hope for the best ! Bitcoin to 50,000$ by next 2022

Happy Trading
Thanks
Regards
   

Libra leading bitcoin is close to impossible because of some reasons:

Russia government says they won't legalize Libra coin
( https://cointelegraph.com/news/russia-will-not-legalize-facebooks-cryptocurrency-official-says)

Chair of House Financial Services Committee Requests Halt on Facebook’s Crypto Project
( https://cointelegraph.com/news/chair-of-house-financial-services-committee-requests-halt-on-facebooks-crypto-project)

French Minister of Economy to Ask for Guarantees From Facebook In Regards to Its Forthcoming Coin
( https://cointelegraph.com/news/french-minister-of-economy-to-ask-for-guarantees-from-facebook-in-regards-to-its-forthcoming-coin)

Senate Banking Committee Sets Hearing on Facebook’s Crypto for July 16
( https://cointelegraph.com/news/senate-banking-committee-sets-hearing-on-facebooks-crypto-for-july-16).

If you are able to go true that you will see that Libra surpassing bitcoin might not be possible. 

I guess you are right on this one, the only difference between Libra and Bitcoin is Libra gained popularity because of its developers and backers. However, I don't think it will be accepted like us using Bitcoin because of anonymity. I think Libra developers will use the data that they have with Facebook to get your hands with Libra. Imagine signing in using Facebook to access your account in Libra. No KYC needed.

With the new coins created by Facebook, it might have a bad impact on Bitcoin because Libra Coin will become a digital currency and will get support from real world asset reserves including bank deposits and government securities for the short term. Already this Libra money is also controlled or held by a network of guards.

This actually highlights Bitcoin's strengths over centrally issued currencies like Facebook's Libra coin. There's no central choke point where governments can target Bitcoin and force changes upon it. Facebook, on the other hand, can easily be pressured to the whims of governments.

Banks  with no  doubt will shill Libra with their most effective and expensive marketing. That's how I only see it. But I think China or other asian countries will never let it enter their market just like how Google and facebook is banned is China. So sorry. Mr. Zuck but only bitcoin will be the one who will win this game and not by your Fb empire' coin who will surely sell private information.

All this can also be done without facebook credits. Where anyone can use Bitcoin only people who wants to take a selfie with a date and smile will be able to when a forced kyc is needed.
This network with guards will make the ultra rich even richer and ensure they stay in control.

In fact, I think that Libra coin will be a pump for the price of bitcoin later on, even I think libra coin will be the second coin after Ethereum that we have seen is always with Bitcoin, will Libra coins replace Ethereum's position ??

Trading companies and individuals will still rapidly embrace the bitcoin because of its decentralization, volatility and huge economic reward. Libra is just a stable coin which is going to be used mainly for payment. I see more companies coming up with their stable coin.

Why did you think of that? Why do you think Libra is something that will kill bitcoin?

think of the following:

Why do you think people like bitcoin? Because bitcoin is a means of payment? I do not think it's because of that. so why do you think people would stop using bitcoin just because there is another currency that can be used as a means of payment? This is the rationale you should be doing.

That is kind of the point,
Many alternatives are better suited as a means of payment than bitcoin, and it's only true value remaining is as a speculative investment.

While a investment and a payment service won't directly complete ,
can bitcoin survive as only a speculative investment with no other utility service?
Of this there is an uncertain future, no merchant support could be a deadly blow to price.

Even Gold has multiple utilities usages in other areas than as an investment only , than drains supply in times of low prices.
As of now, Libra could totally end bitcoin as a payment service, giving it no other reason to exist.
And as nothing but an investment, is that reason enough, as it's original design required it to be a payment service to survive and thrive.
No Payment service, No fees for Miners as rewards continue to drop, and prices to maintain bitcoin network keep increasing.

Make your own judgement.  :)

Legacy banks want no part of it. Libra only threatens their market share for international remittances, as customers will move away from bank wires and towards the cheaper payments offered by Libra. Companies like Stripe and PayPal might be along for the ride, but legacy banks will probably be pushing their own competing products.

https://www.technocracy.news/wp-content/uploads/2019/06/libra-founding-partners-777x437.png

Included in the List of companies supporting Libra, are VISA & MASTERCARD

One thing about Libra , it is encompassed inside the FIAT model (it can never outgrow FIAT Supply only grow it),
while Bitcoin can and does operate outside of the FIAT model (It does not have to be limited by it).

People are really overestimating the Libra coin, it is like any other crypto that is released out there maybe even worse since it is stablecoin, the only thing that is giving people the idea that it is going to be good is Facebook having a large user base, Libra won't be that good and it may be popular at first but than it will die out, so there is no fear from it and bitcoin will just stay the way it is, however what i am hoping is that more major companies take the step that facebook is taking to take cryptocurrency and make it the new way of life.

I'm of the opinion that both will survive with one not impacting much on the other. The introduction of Libra coin will only result in much awareness of bitcoin, more investors will come in.

Libra is already having restrictions in some countries and many merchants will certainly have some reservations as to giving so much power to a centralized entity like facebook. I think Libra is nothing new, just paypal 2.0. Bitcoin will rule the world, People will see which coin really give them liberty

...which are not banks. Visa, Mastercard and similar payment processors will be happy to implement Libra into their POS products and take a cut from merchants like they do today.

Banks, on the other hand, only stand to lose if people start holding funds in Libra/Calibra instead of bank accounts because it's cheaper to remit internationally. Just like banks created Zelle to compete with Venmo, they'll create a new, cheaper and faster system to replace SWIFT and begin competing with products like Libra.

IF as you state above "people start holding funds in Libra/Calibra instead of bank accounts". As you quote above, this would be IMHO very, very bad for Bitcoin as a 'store of value'

If LIbra has the option to gain interest as a bank and be its 'own store of value". I am somewhat unclear on this, however. With all the online banking in the world, I find it hard to

believe that if Libra is sanctioned by the gov't and powers that be, it could not be allowed to also act as a bank and pay interest and do loans like any other web-based bank

out in the world. Thus, if this came to pass, could not Bitcoin and other open source coins be 'pushed out' and Libra replace Bitcoin?

Let me know what you think. I am befuddled. Everyone seems to think Libra will help BTC as a store of value, but I for one can't for the life of me, see why they would not

take these next and obvious steps and also make Libra a centralized coin as a store of value backed by Facebook. Just seems the way I would go if I was an 'evil mastermind'

and wanted to replace my 'centralized Libra coin" as the next Bitcoin that I could control completely.

So educate me on why this would or could not be done and/or why this would not be easy? Seems a clear enough evil path to me!

Brad

The analysis is good! As we can say that Bitcoin has given the birth to the digital asset whereas Libra is giving it acceptance in the corporate realm. Bitcoin was a mystery for all but Libra is open book, therefore, level of hesitation is lower and is acceptance is higher which is good for the financial world.

I have a question.. my question is that libra and bitcoin is same thing? Or they  are different from each other??????

Is bitcoin decentralized  or centralized?

Bitcoin is created by Satoshi.. but who is Satoshi?
Anyone know who is Satoshi? Well i heard  that bitcoin is decentealized.. is it???

Time will really answer this question that has been in the minds of many of us. I think Bitcoin is too popular and the idea behind it will never allow it to merge with any stable coins and if it marge with any of them? Bitcoin will reduce its value as a decentralized currency which will never have a reserve in fiat and will never be stable like other currency because its aim and objectives are different from that of the libra coin. Another thing that I see might not play out is thinking that Bitcoin will be negatively be affected by libra coins because of the popularity of Facebook but from experience, bitcoin has fight governments, regulatory authorities, and Major currencies, and until now it remains very strong and will make a surprise when we get there.

Why so? Most people already use bank accounts. Why does it matter if some of those people take some of that value and hold Libra instead of dollars or euros?


Libra users will have a centralized currency backed by quickly devaluing fiat currencies. Why would that replace Bitcoin?

pretty good assumption. however, Libra is also still priceless as newly released coins. maybe in the first time it appears, there will be very many people who are interested in it, but what next? it depends on the development. Until now, bitcoin has been very trusted, so, I think, it's still quite difficult Libra beat bitcoin for now.

dont think libra will have the breaktrhough alot of people think its not the next big thing for people outside crypto, more people know about bitcoin than libra that dont invest in crypto, heck most my friends dont even know what libra is but all of them know what bitcoin is even if they dont invest.

I think they have no desire to compete with bitcoins or other crypto currencies, this will certainly oppose many other crypto communities, so this is very common like many new altcoins that grew up some time ago until now, my view is Libra support only from some bitcoin communities because it uses blockhain technology, no one knows because they haven't released it whether the transaction can be much faster

It is up to the users who are comfortable to invest with. But I want to say that we need to diversify our portfolio. If we will leave libra, maybe we will regret once it goes to a successful coin. Imagine, many people are expecting libra to launch and being part of it, assume that there are also people that will buy libra coin. Now, it`s either bitcoin will affected negatively by this coin or it may be complementary for BTC to have libra. So, better to invest both.

in my opinion libra will not harm bitcoin instead bitcoin will get some benefits from it like more adoption and awareness in cryptocurrency. there are thousand of crypto coins and token but you can see even they become succesful they just under bitcoin and bitcoin gain popularity with the help of other coin and token. i think it will be the same in libra.

How can it pump if it is supposed to be a stable coin? Simply the market cap of Libra can grow, and it will let the coin climb in the table. It cannot be compared with Bitcoin, which price depends on demand a lot.

Bitcoin and libra are very different coins. I don't think Libra can compete with bitcoin because Bitcoin is already much stronger in the market. Besides that libra is a stable crypto currency because it is supported and sustained by a capable banking system and focuses on the exchange rate of several well-known currencies such as USD, euro, pound sterling, etc while bitcoin is not regulated by the banking system or government and is more independent and open and the value is more fluctuating and unstable like libra.

I still think if LIBRA works and give it say 1 year to get the kinks out, they will make ANOTHER coin, and call it LIBRA GOLD, or some such and go after that 'pesky open-source' and

'evil' Bitcoin! Hell, if I was a 'criminal mastermind' it what I would do. Indeed, this is obvious to anyone who was raised watching 'Cartoon Villians' and their attempt to take over the world!"

It is how megalomanic and billionaire individuals and corporations roll, more is never enough, you have to own all the 'virtual real estate' via the Facebook Plan on Digital Domination!

All the rest of the world must be 'digital serfs' at our feet. Wait for it. If Libra works in any manner the next coin pushed will be a centralized version to go after store of value and

displace Bitcoin. Not sure if it will work, but pretty sure, Facebook will eventually try to do so.

later

Brad

The market cap can grow but that will be very similar as another stable coin and it will increase based on how much reserved funds that already put to backup each libra coin with one dollar. Bitcoin used the demand to get volatility but it's not clear about how libra will work to increase the supply if that will be working as stable coin.