Bitcoin Forum

I would like to play devil's advocate
From this article I read
https://www.cnbc.com/2019/06/18/the-difference-between-bitcoin-and-facebooks-libra.html

Will Libra Coin bring Down Bitcoin's dominance in the market, your thought?

I really don't know why Libra is being compared to bitcoin. They are no way correlated or belongs from same league! Libra is a centralized digital money whose value is based on the underlying assets, it's looks more like a mutual fund to me than a currency!

Libra has no power here in the decentralized world! Bringing down bitcoin's dominance is out of question as they are targeting  different segments of the society.

There are many cryptocurrency coins that have tried to destroy or replace bitcoin dominance but none of them succeed. We have Ethereum, Litecoin, Dash, Ripple, Bitcoin Gold and many more but still up to now they are still lackeys of bitcoin.  So just by looking at libras movement we can already say that libra will never overcome bitcoin's dominance even within a decade. No cryptocurrency have existed yet to overcome the throne of bitcoin.

I am not seeing a stable coin trample the dominance of Bitcoin but if the market of Libra will be from all related assets, in my opinion, it will be not enough to do something like that, And Bitcoin now is pretty much higher now, in my opinion, Libra would not take a chance in getting into Bitcoin's Dominance.

But I may be wrong here, Libra is Facebook Currency and there are billions of users within Facebook's reached that they can give free coins every user, Or manipulated the situation, I don't know about this but they will do what they can in their power to make a new popularity coins next to Bitcoin but as I said they can not trample down bitcoin but Libra can stand out on a different level, over its decentralized counter part.

Some people here are underestimate the power of facebook ! forgetting that with money they got will make everyone hear of Libra and use it and when it's used by us ( crypto users ) and others that would make libra take over. Just like Ripple, it will be listed as cryptocurrency even it's not completely decentralized. So yes there is high possibility of Libra becoming the main base pair for all cryptocurrency which will allow it to bring down Bitcoin's dominance. Having that said, governments knows very well the power of facebook that's they want put a limit on Libra which unfortunate could turn it into a normal project that will make any affect ot bring anything new to the table. Libra as want it would take over, Libra as governments want it would make bring anything new.

A stable coin vs a decentralized king of cryptocurrency,who you think would win of course it's bitcoin surely.Libra coin is still nothing compared to bitcoin and the fact that there are established stable coins that have been released and none of them even  have the chance to beat bitcoins dominance in the market.If they want to beat bitcoins dominance and replace it as the number one it would take them years and years of development to be achieved even by the team behind Libra coin and more incoming coin that wish to challenge bitcoin.

With the way things are happening around the Libra project, I think the right question should be: Will it not be killed soon? Rather than talk what effect it might have on Bitcoin because certainly a stablecoin like that can never ever replace the supremacy of the first, original and most popular cryptocurrency. Whether Libra will be able to get regulation clearance and be successful, it can never dethrone Bitcoin this is a fact that we will encounter soon whether we like it or not...

The answer will be "don't know" because libra is not yet released and I think it's still developed until now. If they say about a stable coin, then I think they will compete with the other stable coin like usdt, usdc, etc. We know that Facebook is behind of libra project, and I am sure that Mark wants to compete with Google as a giant company on the internet. With the launch libra project, Facebook wants to dominate the payment method, but we don't know what will happen in the future.

None of the coins today has the thread to overthrow BTC dominance, XRP still has high dominance even when its heavily trolled over years. All the rest such as ETH and DASH dominate all below them even with the USDT being traded constantly. Stablecoin I guess will be just as will be as stablecoin, though it will be used it will not dominate any of the above mentioned.

Of course, once is the Libra is activated majority of the people will be falling for it because Facebook has over 2 billion users worldwide. I think Bitcoin is going to be the second top cryptocurrency after Libra or perhaps, Bitcoin and Libra would be battling each other for market dominance - who knows?  

But based on that article Libra Coin is not going to be your regular Stable coin they are going to carry a lot on the table
they are not just coming into the market, but big companies are embracing it's entrance to the market Coinbase CEO already show support and many more coming, so we have a new Stable coin coming with a big bang.

No, it won't happen. Libra likely to be another centralized coin and the difference between Libra and the existing ones is that Libra will be invented by well-known world's billionaire, Mark Zuckerberg. Don't compare it with Bitcoin, it's not comparable. I  don't think people will move from Bitcoin to trade this stable coin called Libra, like people will get nothing from trading Libra because it is stable. So yeah, in my opinion Bitcoin dominance won't swing down even a bit just because of Libra.

Bitcoin has gained all the dominance as far as the crytpo space is concerned. Nothing can displace it from the position it currently occupies. Libra is just another altcoin out there and will be as such. Moreover, Bitcoin is truly decentralised, Libra is controlled by Facebook and it's centralised, this alone defeats the aim of Cryptocurrency. So, I don't see Libra taking over dominance from Bitcoin.

We have to wait and see, this is the first time, that a new coin coming in, with a lot of dramas, much bigger than we had on Electroneum,
there are a lot of speculation, and countries are now banning it and even the president of United States is speaking, there will be more hype when it finally launch and as they moving on, let's see how will it perform in the market.

There's nothing we have to wait and see buddy for no altcoin will bring down the dominance of bitcoin. Besides, Libra will just be like other stable we have in the crypto market right now and with some government standing against it, the coin might not make waves in the market. With that been said, every crypto with huge hype like Libra usually be a worthless coin.

It's really funny how some people talk about something that doesn't really exist, and that has a very low chance of success - but in the same time they ask the question "Will Libra Coin bring Down Bitcoin's dominance". It would be really foolish to expect the most influential countries in the world will do nothing to prevent FB to disrupt the global financial market.

The US has made it clear that it will defend the dollar with all its might, and the French finance minister was also clear in his statement :



If the US and Europe clearly express their opposition, should we ever doubt what China, India or Russia think about it?

Bitcoin's dominance currently is around 67% and none of the cryptocurrencies till date have reached even 50% of the dominance.
Libra being a newbie in the market won't stand a chance to even compete with bitcoin. It will take Libra years of time to reach to the level of bitcoin.
May be it won't even reach that level but beating bitcoin's dominance must be like a dream never coming true for Libra.
Only time will tell us what's gonna happen.

Not a chance. Libra depends on a company, knock out this company and Libra breaks. This is, out of code "control", a fundamental problem with some people who to not believe in the free market, but in State (or company) intervention (same thinking, different ownership, both flawed).

You can take a look at Tether, and how it failed to fulfill its promise at times because, it depends on human intervention. Same as Libra, this makes it extremely risky, worse that most State backed fiats. Libra is pretty much a private fiat, centralized and weak.

To evaluate a crypto the first thing you must think is what could you do to destroy it. To disappear Libra disappear Facebook and/or Zuckerberg, that's it. But what can you do to disappear Bitcoin? Nothing. You could get rid of the core team, and yet the coin would go on.

That is one is worthless, and the other more valuable that gold.

Fluctuation is a sign of freedom, the opposite of intervention by control freaks that don't know any better, and are in fact making it worse by trying to not let it fluctuate by (brute) force.

In time, Bitcoin price will stabilize more, freely. This is a rock solid stabilization that depends on nobody, like gold. If you are desperate for "stable" coin, be ready to pay the price... I'd rather go the solid long term route: Deflation.

I think we should consider them as separete two markets. We don't compare the traditional stock market vs bitcoin marketcap. So, no need to compare Libra's marketcap(dominance) and bitcoin's dominance. They are all different.

How could it bring down Bitcoins dominance when it is the one who is being brought down by some issue's from governments and other stuff.
And I don't really see the reason why people would compare something like that to Bitcoin I mean it is clear that both of them are very different the one is decentralized while the other is centralized ?
So if you think that it could destroy the dominance of Bitcoin then there are already some centralized crypto that tried it before but Bitcoin is still standing tall and still the King of all crypto.

Libra doesn't even stand a chance, if other currencies like ETH and others can't do it, what made you think libra can? The dominance of bitcoin as of now is 67% and even if its dominance lessens, it doesn't give libra a chance to overthrow it. BTC has been known and has its throne in crypto space for a long time and even came to a point where it reached 100% dominance. Investors also prefer BTc because of the legacy and the name it has. And even I will prefer  BTC because of its decentralization, a newbie in the crypto space doesn't stand a chance to overgrowth BTC cause no crypto currency did.

you are just repeating the same discussion from 4 months ago when Libra's crap was still hot and people didn't know what it really was. the fact is that centralized shitcoins are being created more often than you think and none of them are even putting a dent in bitcoin let alone want to bring down anything of bitcoin!
Libra will probably be a big coin because the owners are billionaires and have money to spend on their shitcoin but at the end of the day it still is a centralized garbage.

When you said Libra coin, the project, currency and transactions are to be managed and cryptographically entrusted to the Libra Association, a membership organization founded by Facebook's subsidiary across payment, technology, telecommunication, online marketplace, venture capital and nonprofits. Its value is around 1 euro or 1 pound which is cheaper than a 1 bitcoin that is almost 600 dollars. So I am not agree that bitcoin's dominance can be lost because of the new cryptocurrency called Libra.

EOS AND NEO when launched has been categorised as etheruem killer. Where are they today in term of progress and adoption. Libra that we might not see the light of it until 2022 is being compared with the King of digital currency. Their mission are different and Libra will always see the King far ahead in a very long time frame.

Yes we have heard that it is back up by something and it's going to be stable. However, isn't it as crypto investors we embrace bitcoin's volatility because that's one way to make money here?

If se see bitcoin being stable, I don't think that it will enjoy the support and it will become the number coin so far in the crypto sphere. With that said, I don't think that it can challenge bitcoin's dominance because as much as we have seeing the price going on a wild swing, speculators and traders will take that advantage to make money.

It's hard to me think about Libra and BTC in the same basket

For me, the mail goal and the public of these coins are totally different, I wont use Libra in my life, I don't like the company behind it and I don't agree with their policies
And there's a lot of people here who thought the same as me

I can't put Facebook Libra and Bitcoin on the same category. Facebook Libra is a stablecoin but Bitcoin is not. I don't think there will be a competition between them. For example, Libra can be used by countries as local currency and Bitcoin can be used as a very strong payment option.

It's like asking, will any stable coin bring down btc dominance? I don't think so. Altseason in whole could bring it down again, but i mean Libra is not even a speculative investment or going to be undervalued. I see no real reason to invest into it other then it might be more stable then some fiat currencies.

It's not the same coin but remembers about libra has a possibility to grab the bitcoin's demand and it's not only about if both are in a different category but you must remember the public can use ripple as the payment system too. But im very happy to see US regulator has already taken the best decision by not allowing libra to be created and this news even makes Zuckerberg pessimistic about the launch of libra.

There will be a huge hype wave with Libra launch and a lot of people would invest in this coin, but how should it stop the increase of BTCs dominance? As far as I understood, Libra is nothing else than a stable asset.

Once LIBRA is in the community 100 percent and going around.
BITCOIN will gain more prices and attention from different country.
I know my self and i believe that this LIBRA will never be a threat for BTC but a big help.

I fear that Libra will turn into a shill coin like Ada did or XRP. More and more people are praying that Libra will actually have a big impact on Bitcoin and actually will challenge it now let me ask you this : Are you crazy ? Because Libra has 0 chances to challenge Bitcoin's rein and more likely it will help the entire crypto ecosystem.

We are still some months away until the Libra purchasing project will start and the only good thing about this is that you will be able to buy it from almost everywhere as they will implement the feature in most local grocery stores.

Personally I will wait for Libra to launch as the project must be under EU regulations and starting price might be around 1.3$ so I'm sure after launch it will come around 0.3 cents that would make a perfect time to buy it but if it remain a stable coin I won't touch it as Libra will officially become a stable coin in price for adoption of non-crypto believers which is great for the entire crypto ecosystem.

With many conspiracy and many bad news about this project chances to have more hype after releasing it to the public is very possible. That delayed launch and more news that includes this project bring more interest for spectators who loves to play inside the market. But even with those millions of social media followers Libra project will be centralized and controlled while bitcoin will continue to dominate as a decentralized chain which most of the investors will keep for the reason of being anonymous around.

Various stable coins existed and exist at present, and they are all provided by various ordinary currencies. This has not yet affected and could not affect Bitcoin and its dominance in the cryptocurrency market. At the same time, if a global stable coin appears, such as Libra, in which people will invest their money and use such a coin as a means of payment, such a stable coin will divert a significant part of the investments that were previously intended for cryptocurrency. However, stable coins cannot make a profit, and therefore these coins will simply occupy each of their niches in the financial relations of society.

The chief of Libra himself have cleared that Libra is not a competitor to bitcoin. They both are in a different league. Libra is a stablecoin and could be a competitor for the likes of Tether and Paxos and DAI. Libra if success could add up a large number of new crypto user boosting the knowledge and adoption of bitcoin and other alts as well. And hence having a positive effect on bitcoin and alts and their prices.

there are many people has been interested with this libra coin even its still not comming out. but its stable coin what will be the expectation of the investors for stable coin even the project has been hype there is no reason for  the price to increase to much since the main porpuse of this coin is to be stable.

I am not completely satisfied with this kind of thinking. It is obvious that Libra will be in the top 10, but it is incapable of facing BTC. BTC is the owner of this market and a stable coin can not replace it. And if so, I am gonna leave this market as it is, and I will not come back.

If libra is going all over the market it will create a bubble just like bitcoin did but, the difference is that bitcoin is started a long time ago and libra is just starting where people are known to be trading some cryptocurrencies already. If libra creators let the simple or small time investors to buy libra for sure it will have a chance to dominate bitcoin not in the price way but the legitimacy.
I don't think libra can dominate bitcoin's value at all but I do believe it will be a great coin like eth.

It makes more sense to say that Libra threatens the dominance of USDT, because as far as I know, Libra is a stable currency and backed by reserves or assets. Bitcoin is considered to be an investment currency, two currencies with completely different uses.

although Libra and bitcoin both adopt blockchain, in my opinion Libra will not be able to compete with the development of bitcoin so far, because The libra tends to be used for daily transactions that are commercial, such as sending money, buying goods and making payment transactions online, so that the user community Libra can be sure of people who are members of the Facebook platform and other social media. Unlike the case with bitcoin which can indeed also be used as a means of payment, but in this case bitcoin is not regulated by the banking system so that the crypto community makes bitcoin a personal asset because the price is fluactive. Obviously in many ways bitcoin and Libra are very different and of course Libra and bitcoin have their respective paths in development.

Libra coin will be nothing else but another stable coin and as we have seen there is no stable coin that is a threat to bitcoin, however if Facebook really releases its own coin then many of the stable coins currently in the market are going to lose some of its market dominance, because even if many people do not really like Facebook and their policies when it comes to the privacy of your information you can be sure that they would prefer to use their coin over the coin created by an exchange.

Facebook as social media will used that medium to hype Libra of course making it to be well recognized in the league of cryptocurrencies and popular as you rightly posted which is obvious to be top 10, however for Libra to dominate bitcoin is mission that won't see the light of the day, daily market capitalization and volume of bitcoin trade daily amount to billions of dollars which makes it a strong crypto that can't easily be displaced by the emergence of Libra

No. I don't think Libra will bring down bitcoin dominance because Libra is nothing but another giant altcoin.
Do you know what altcoins have in common? they all fade away over time. thus, one day libra will just fade away just like the rest of dead altcoins.  

Of course not, Libra will be something different (ofc it they let coming out) but BTC will remain as the dominant asset of all times. What I think is, Libra will be such a great marketing for the cryptocurrency market in general. More people will invest in coins.

I don't think that Libra will effect bitcoin dominance. Depends if Libra will successful to catch a very big amount of market cap then its maybe possible that bitcoin will lose a very certain amount of dominance but not that much. And that is possible if Libra is OK with exchange listing(I don't know about Libra very much).

There are a lot of stable coin already and still can't dominate more than bitcoin. I think it will happen to Libra. Because will need very long time to beat bitcoin's popularity and maybe what can beat bitcoin first is ETH. WIll need to be more popular than other altcoin first before can be more dominated than bitcoin, especially for new coins that just created like Libra.

And I think that it won't. Libra is not competing with Bitcoin, it's competing with stablecoins and centralized coins like XRP. If it's going to take part of the market from any coin it's going to be from those.

Bitcoin is not a stablecoin but a store of value and the most recognized coin in the world. Stablecoins are going to be used to buy bitcoin not the other way round and people will want to keep it. Will they want to keep dying altcoins like those that lost 99% of its peak value is another question.

That shouldn't be the question, the question would be should LIBRA be able to launch in the market?  There have been lots of opposition regarding the launch of Libra.
https://cointelegraph.com/news/how-facebook-libra-is-seeking-compliance-but-may-not-launch-by-2020
https://www.forbes.com/sites/jasonbrett/2019/09/28/congress-questions-the-sec-on-libra-cryptocurrency-and-the-whole-blockchain-phenomenon/#7991717e5135
https://cointelegraph.com/news/german-finance-minister-says-govt-must-reject-facebooks-libra-coin

And if ever it is launched, it will definitely bring down Bitcoin's dominance percentage in the market because it will eat some percentage on that 100% pie.  The extent on how huge  is still unknown because it has yet operating.  Yes, it is a very controversial currency but I believe it won't eat much of Bitcoin dominance since not all facebook users will be using Libra automatically. 

I believe that Libra will not be listed on coinmarketcap and other cryptocurrency exchanges because Libra will create a complete ecosystem for their currency. Own exchange, own wallet, own merchants. So it will not be included into market cappitalization.

We don't know anything about libra yet, But clearly if it is categorize as a crypto and the number of printed tokens are big, then yes, it will get a big share of the market, specially when the total marketcap is so low.

well, how can be ?
its seems no sense to me,
let me explain based on my mind.
first,its just a project with banking system,no interest
second, although libra backed by multi holy big company, easy to get mass adoption over the world,it will not make libra dominate the market.
why ?
because libra fully organized,centralized.
for good reason, they may have low fluctuactive.
but for another reason, what's the point of hoarding a tons of libra ?
its worth nothing.
or did they have stake reward for holding ? no,i guess.
and the last reason.
i dont like libra project btw.

i think that at some point in time it will bring dominance down, and at other point it will do the oposite
and it will go up and down again and again just like it does all the time with all the other altcoins

if everything works under own control where is the decentralized idea concept of cryptocurrencies?

Lol it’s not Facebook will bring fall for Bitcoin nor Mark Zuckerberg and I am still asking why this Libra thing always compared to bitcoin?(though I see this often from newbies account spreading shits to promote advance this Libra)when the truth is nothing comparable to both currency

Yes basically maybe when Libra released some investors might change paths but for sure it won’t give much effect to bitcoins supremacy and domination I’m very certain about this

Every altcoin brings down Bitcoins dominance to some extent. It's inevitable, because their founders will promote their coin and some people will invest their money into that instead of Bitcoin. However, we must remember that the cryptocurrency space is still relatively unknown, so we must propagate it to all of the people and all coins are an important part of the infrastructure. Bitcoin is King and will always be king.

Libra can never bring down the  bitcoin dominance because Libra blockchain is centralize sheep  with  decentralize  skin.  people  are always looking decentralize ecosystem.  Zuckerburg   has  already lost  his trust  in people .. how  can a person  we can trust  with our information be trusted  with our  money..

I don't agree with the forum members who defend the idea of falling dominance due to the new players in the crypto market.  The falling prices will attract new funds and the new form of the cash flow will lead to the increasing Bitcoin dominance and more total volume in the combined crypto exchanges. The entrance of the Libra was discussed several times here but I doubt the Libra will defeat the threats against Facebook.

libra again and libra again.
Isn't libra a stable currency?
so I don't think that libra will dominate the crypto market, replace bitcoin, or be a strong threat to bitcoin. completely wrong. A stable currency will never take over the position of bitcoin and cannot be compared with bitcoin in all aspects.

Libra is not coming yet in this crypto world
But a lot of speculations coming to this altcoin,,
Maybe this libra will bring down bitcoin's dominance but only a little bit and just for a while mate
Because the truth a lot of investors focused on bitcoin only my friend
Regards

Libra coin is just like every other normal stable coin, although, it has not yet been launch and as a matter of fact, its launch will give more definition to what it truly is.
What is being said concerning Libra has also been pronounced about other coins and at the end, we saw nothing happened. So forget of it bringing down the dominance of bitcoin. It cannot achieve that alone.

First is centralized not decentralized and then there wont be Libra hitting all sort of exchanges without the owner poking their noses here and there Centralization is the reason we have Crypto and the blockchain Libra is just platform currency for this one let me say social media money

I think comparing Bitcoin to Libra is more of a hyperbole, a farfetched comparison. Bitcoin dominance will always hold since its the pace setter and a truly decentralized cryptocurrency, unlike Libra. Well, unless you mean a slight drop in BTC dominance by percentage (nobody knows for sure). Libra is extremely centralized hence doesn't have a great place to me in crypto.

and from those facebook users that will initially use libra coin, these users later on will learn the difference between libra and bitcoin, they might eventually go for the latter. their privacy is at stake with libra. and i dont think most people will prefer to have open lives to this platform!
 is it okay for you to receive notifications inviting you to some event that you have absolutely no idea and no interest of! or getting a message from nobody that they know you are in town and offering you to a spa for huge discount because you are a libra user? i think this will turn into a creepy app sneaking on your private lives. if it will ever come to life!

The dominance of BTC in the cryptocurrency market has been unrivaled from time and it will most likely remain that way for a very long time.

Libra is nit a fully decentralized project and considering the reputation of Facebook in terms of privacy breaches in the past, i dont see Libra getting much acceptance in the cryptocurrency space which promotes privacy and anonymity

This is not possible, Libra isn't much accepte yet. In USA already 9-14 percent people have idea about Libra coin. European some country doesn't support Libra coin especially French. Could be down dominance of Bitcoin, when Ethereum 2.0 will arrive and Libra coin will launch.

Libra can attract new users to cryptocurrency, and in the end it is going to benefit Bitcoin as well. I am not sure how many individuals use Facebook actively. My guess is a few billion. It is almost 100 times the number of active users of Bitcoin. If we can get a small fraction of them (5% to 10%) to use Libra, then the cryptocurrency user base will grow by manifold.

And the decentralization aspect is not going to drag Libra down. We already have cryptocurrencies such as Ripple (XRP) which are centralized to a great extent, and that didn't stopped it from becoming the third largest crypto in terms of market cap. Those who want to use centralized crypto will use Libra and XRP, while those who go for the decentralized ones will continue to use BTC.

there was no ETA when libra will be launched a so many parties are feeling pessimistic about the launch of libra. To deal with US law maker is not easy dude. it looks like libra has a little chance to be approved by the regulators. So many parties have already argued if libra can become a threat to the fiat money.
That's why so many countries in EU have declared to ban it.

Libra Coin could shift the dominance of bitcoin in the market. With more than 2 billion Facebook members worldwide, if only 20% of the members use or save $ 100 Libra Coin, then if I'm not mistaken, a $ 200 billion market cap will be created just for Libra Coin. This will make at least the dominance of altcoin like ethereum or top 5 will be displaced and it could be that the dominance of Bitcoin is displaced by Libra Coin

Do you really think all 2 billion facebook users willingly to give up their money for Libra coin, I'm pretty sure that among 2 billion of users majority of them are made up of people from 3rd world countries which usually have the ideology of never spend much money on useless things and I bet that Libra will be deemed useless in most of 3rd world countries simply because it's not applicable there.
Need to be noted most of the people in western countries also having negative perception regarding this company about how they have seriously commited a crime of violating privacy of their users. I really think that most of people wouldn't fall for the second time because it's their privacy that they gonna put at danger if they ever got messed up again.

Libra brings down Btc dominance, is a matter of time we all have to wait. I believe Btc have set its own league, For libra it will be difficult to enter. Recently I read a News (https://www.coincurb.com/news/libra-says-the-regulatory-concerns-are-fading-away-but-are-they/) article from a trust site, It shows the problems libra is facing. At this moment it's all clear that libra might can disturb some altcoin but can't hurt btc dominance.

That's the first of hearing a stable coin not pegged with USD or EUR. We need also to be calm and wait until the time comes for Libra to show off the world on how it can really make things change. I don't like this coin but we'll see how it will manage to penetrate the market.

Dominance might go down but this could be a sign for bitcoin to reach another all time high if that happens. And before speculating anything about it, let's see on how the project will survive its issue now.

I don't know what will happen if lybra coins are released in this industry soon, only time will tell.
but I give a few examples that are already on the market, such as their USDT coins including stable currency groups and price movements are also only significant at fixed prices and do not even affect the price of bitcoin at all. maybe if someone wants to compare Lybra coins more precisely with other stable coins, because stable coins and decentralized coins differ from one another.

Libra coin is bringing so many thing in the community and to consumers, maybe it will have an impact on Bitcoin's dominance in the market, the fact is Libra coin will be readily available in many exchanges, Coinbase already express their support and I'm expecting many more coming in, because there will be massive volume when they hit the market, and this can help exchange with their volume, I know there will be an impact but I don't know how strong is the impact.

Are you joking? libra is not even launched or it will be never.  :o How do you know if that is bringing a lot of things to the community and customers?
Do you think libra will launch its crypto without the approval from the regulators?
You have already written the best answer you don't know strong the impact will be given by libra and how you can determine if that will be very useful for community. This is a joke.

More and more informations come that Facebook Libra will not be launched due to lobbing.
Central and commercial banks will never allow creating a coin by big corporate compnay because that will cause a collapse of the traditional system.

Highly unlikely. If anything, it might help Bitcoin, once people start developing interest in crypto. As soon as they realize that Libra is not what it could be, and that Bitcoin is — they'll move to BTC. Even if they go to some altcoin, it will be better than not participating in the crypto space at all. Libra will help the crypto space in long-term, even though that is not Facebook's intention.

It is stated already that it is a stable coin so there is a very low chance that it can dominate the bitcoin in the near future if in case it will be launch. Even if Libra will not be pegged to one currency, they still need more than that to bring down the King of crypto currencies.

I don't think if Libra coins will reduce the dominance of bitcoin in the market, maybe if Libra coins have been released in this industry only lead to crypto adoption, I mean there will be newcomers who will take part here but lybra coins will not affect the rise / fall in prices bitcoin.

Between Libra and Bitcoin as far as I know are two different types of coins. Libra adheres to concepts such as Stablecoin, and it is like USDT and several others.
I don't think Libra will damage the dominance of bitcoin.  We speculate about Libra now, because Libra has not been released.

Almost several coins tried to bring down or destroy the bitcoin dominance before, just like before the launched of BTG, BCH, and etc.
They already did that and now look at their price, does they surpass the price of Bitcoin? the answer was nope! still Bitcoin remain on top
in the market, So Libra coin is just the same of the several altcoins before they launched their utility token.

Libra coin when finally launched will be a big player in the market, with a massive liquidity, it has the potential of attracting many investors. I really feel no coin can ever defeat bitcoin again. Since Libra is not built like bitcoin, so there will be minimal volatility with the Libra coin. Bitcoin remains a better investment option.

How can Libra, a centralized digital coin, be compared to Bitcoin? Not a chance. It is not even launched yet and God knows when it will be. For now there are only doubts and restrictions.

Libra is completely different platform from BTC. Libra is just a digital money which will be controlled from a center. You can close Facebook, you can close Libra, but you can not close BTC.
The world of Libra and BTC are completely different. Libra has nothing to do against BTC.
Libra can push the price of BTC. As Facebook, whatsapp etc have million of users, people will learn the term digital money with Libra. After digital money, they will have chance to discover crypto currency and also Bitcoin.
So it is good that project like Libra or now Venus (digital money project of Binance) be online. So crypto world will grow faster and faster.

Obviously if Coinmarketcap includes Libra, then we can expect a decrease in the Bitcoin dominance. Even the inclusion of UNUS SED LEO a few months back caused a slight decline in the dominance. Coinmarketcap calculates the dominance as the market cap of BTC divided by the total market cap. So if they add new coins, then the total capitalization will increase and it will cause a decline in the share of Bitcoin.

But I don't necessarily agree with the methodology used by CMC to calculate Bitcoin dominance. First of all, the market cap of many of the altcoins are inflated. For example, according to CMC the market cap of XRP is $11 billion. But the real market cap is much lower than that, as a large share of the coins are kept out of trading by the promoters. Same can be said about cryptos such as BCH as well (to a lesser extent).

I would implore you to think about who actually uses bitcoin, and who would actually find Libra useful.

They are two very distinct groups of people. One group who actually cares about decentralisation, taking the middleman away from the equation, etc., while the other whose focus is solely on transactional efficiency and globalisation.

Thus, I don't think that Libra will take current bitcoin users away. Sure, there may be some overlap, but it would be negligible and I doubt anyone would leave BTC solely to take on Libra.

The main currency on the market is Bitcoin, and no currency can change it. Libra will probably displace the XRP. I don't think it can get past the Ethereum. But it will steal from bitcoins dominance very little.

libra is not very feasible to be compared with bitcoin so if someone thinks libra can drop bitcoin or just equal bitcoin i can only laugh because bitcoin is a cryptocurrency pioneer so it's very funny if a lot of talking about libra will drop bitcoin. until whenever bitcoin will always dominate in cryptocurrency.

The direction of both of them is really clear and different, one side will still live outside the control of the law, one party complies with the law and receives strong support from the government, plus strong advertising. But despite such different directions, competition in one area will probably still occur, and libra coin will have a strong influence or no effect on bitcoin, we can only wait for the correct answer from libra coin when it is launched, right now, all speculation is still too early on libra's mission.

of course not, Libra coin can not bring down bitcoin dominance. Bitcoin will stay the number 1 cryptocurrency. Libra is just a stable coin and we can not make money of it. Most of crypto users are like to use bitcoin and they can make money of it because of volatile.

The supporters will fall to the desperation if the Libra can't cross the resistance point of being a stable coin after the full release by the Facebook. While trading the altcoin traders want to convert their trading profits to the stablecoins like USDC, TUSD, GUSD  and now one more alternative are on the way for doing the same purpose for the crypto traders. The existence of the Libra will not affect the BTC dominance in the short term but it can affect in the long term, kind of unknown circumstances don't let the crypto traders make concrete predictions.

the presence of Libra coins will not reduce the dominance of the bitcoin market, we are talking about the fact that bitcoin from time to time is still in the top position and no altcoin is able to destroy the dominance of the bitcoin market. Besides that, Libra coins haven't been released yet, right?

Libra is fake crypto first of all. I dont sure that it can change something

I don't think Libra will affect the value of Bitcoin! Libra was released as a stablecoin, it did not have a lot of fluctuations in the market, I think it is a private currency of the facebook platform and related partners with a fixed value in the Libra ecosystem.

In reality what's the purpose of using bitcoin in most cases? Better privacy while buying things. And Libra? It's project of facebook, a company which doesn't give a shit to our data, we can proudly say that our stories, messages and all data (private ones too) are publicly available for people who pay. And automatically what Libra means? They want to know how we send money through Libra. Of course words behind this coin that comes from creators and facebook is a blatant lie.
So to sum up, Libra can't bring down Bitcoin's dominance, it can't even bring down Ethereum, it's opponent can be Ripple and tether for example.

If libra is stablecoin there is no way it will bring down bitcoin, Bitcoin can spike anytime. So many projects have done that they have created so many btc forks and look at them now? btc is still the king. Its decentralized no one is backing it, just the support and trust of people is enough.

If Libra coin was centralized coin, I would have said that there is possibility of it becoming more used than bitcoin, and if it was also going to be suitable for investment, I would have strongly been going against the Libra coin, but the reason why I don’t join people in going against Libra coin is because I know that there is no way that the coin can meet up to the standard of Facebook Libra coin, and the release of this coin can only boost the awareness of bitcoin.

When Facebook eventually succeed in releasing this coin, many people will actually get to know not about Facebook coin alone, but they will generally know about cryptocurrency and bitcoin will eventually be their favorite coin because of the decentralized nature of bitcoin and usefulness as asset.

Libra is affecting the Government currency regulations. Invest in other coins and not Facebook coins.

this should be other way round and not this way as the dominance cant be taking away from btc in any circumstances so i dont libra leading in this industry as privacy is not in its way which major reason crypto stand .

Well, if it actually ever launches yeah probably it will bring it down, perhaps by a lot. This isn't necesserily a bad thing, and probably it will help the price of BTC skyrocket. Reason is simple. Many everyday people that hadn't touched or even knew about cryptos before will get their hands on someLibra, and a substantial part of them will probably diversify into other coins, with BTC being the top one. IMO, libra could be a deciding factor to mass adoption!

Facebook is powerful in terms of social media. They have the advantage to advertise their coin libra but I don't think it will take down bitcoin dominance market because, in my opinion, they are still relying on bitcoin because of bitcoin still the mother of all coins in cryptocurrencies.

For those who missed it, The Libra Association has published its first roadmap detailing the milestones the Calibra team plans to meet prior to the mainnet launch of Libra network.
Libra may be launching sooner than we think and it's pushing through whether the government likes it or not.

Link to original article: https://www.theblockcrypto.com/linked/41830/libra-publishes-roadmap-laying-out-4-key-milestones-to-be-met-before-mainnet-launch
https://developers.libra.org/blog/2019/10/02/libra-developer-update/?sf220613563=1

Some people just want to see bitcoin being surpassed by any coin, they do not care the name of the coin they just want to see bitcoin not being the top coin in the market, but a stable coin will never take that position because if it does we might as well use our fiat instead, what it is the point of using fiat to buy a cryptocurrency backed by fiat? There is no point for something as ridiculous as that but if some people want to dream with that, let them, it will never become true anyway.

If a stable Libra coin is issued, which I very much doubt, it can slightly affect the price of bitcoin in the direction of lowering it, since many can use Libra as a means of payment and thereby the usual cryptocurrency can decrease in trading volume. However, the emergence of Libra cannot affect the price dominance of bitcoin to other cryptocurrencies. Here I do not see any relationship.

But even if it will be launched sooner, I don't think Libra will compete bitcoin's dominance. They have totally different usage in crypto. And for those who want to reserve their privacy, they won't use Libra at all. But the adoption might come easier with Libra because of the wide scope of users they have. Those who don't care their privacy will use Libra without questions asked.

Why coin libra can make down bitcoin dominance, have Libra listing and make testing for launching or not. How come without know when Libra active as e currency could make bitcoin destroy, I think is only joke from Libra and Facebook team to make people panic with bitcoin or altcoin investment and move to other investment kinds.

Most likely this is not a joke, but I also think that Libra will not compete with bitcoin ( as other coins), since bitcoin is the flagship in the cryptocurrency market and it is impossible to compete with it at the moment. But on this project, it will be very interesting to see.

Why will you ever think Libra will bring down Bitcoin's dominance? There are a lot of good cryptocurrencies whose ideologies are bridging gaps seen in the financial ecosystem but these coins haven't been able to bring down the dominance of Bitcoin. Libra will just be one of those coins below bitcoin. 

to be honest I am not sure about that, however, bitcoin will always dominate the crypto market while Lybra has never been seen in this industry. On the other hand, the purpose of Lybra coins is only to focus on the financial system, so I don't think that Lybra will reduce the dominance of bitcoin in this market, and remember Lybra is just a centralized coin and not a Decentralized coin like other crypto currencies.

The article says Libra is being backed by...something.  What is that something?  When you say that X is backed by Y, usually that means that there is a set amount of Y held in reserve for each X, just like how each USD$20 used to be backed by one ounce of gold.  Is something similar supposed to be happening with Libra?

But the idea that a stable coin could even approach the popularity of something like bitcoin, which has the potential to produce huge profits, is ludicrous to me.  I don't care how many facebook users there are or how much use Libra eventually gets (if it even gets released), the two coins will be unrelated in all aspects.

I doubt the BTC dominance will go down after the full release of the Libra project, the rumors show us a positive growth of overall crypto marketcap but the upcoming fresh cash flow will not only go for the altcoins. It also depends on the exchange trading pairs of the Libra, in case of availability of the fiat/Libra pairs the dominance of the Bitcoin can go lower than current levels.

Why are people always wanting the dominance of Bitcoin to go down?  Bitcoin we all know is the king and father of all cryptocurrencies and has no competitor in terms of market value and volume. Libra may have some potential features but there is no f**king way it will take the dominance of Bitcoin.  

And why do you think the trading volume of bitcoin will go down when Libra is such a different coin? Libra is not going to be that different from any of the stable coins that we already have in the market with the only exception that it could be more popular because it will be released by Facebook which has worldwide popularity, but Libra will never have the volatility that bitcoin has which makes it popular among investors and traders and most likely they will never have compete against each other because of their different characteristics.

Decreasing the dominance of Bitcoin will cause the altcoins to move more freely. When the dominance is high, the graphs are similar to the graph of the dominant coin. We do not want the deletion of BTC from the market, but the decline of dominance.

I agree with you about Libra. Even, the recent withdrawal of some partners has also had a negative impact on his vision. Anyway regardless, Libra is not a BTC.

I don't think that Libra coin could bring down bitcoin's dominance in the market because libra just became popular because of Facebook, but it is not enough to bring down bitcoin because a lot of people has doubts in Libra because they don't think that Libra is legitimate to have a good value and to take down bitcoin.

I like your point of view but Libra can only reduce the % of Bitcoin Dominance, that's if it launches, but can never alter the 1st position by market capitalization of BTC.  well, honestly I don't like seeing comparisons of altcoins (especially highly centralized coins like LIBRA) with BTC (which is truly decentralized). LIBRA will be a plus to the crypto market anyway, so it's a welcome development for mass adoption.

I believe that Libra will never be released. There are many reasons that libra will die and so many powerful people do not support it. And so Bitcoin will not be affected by Libra

Libra coin by the Facebook is still in a doubtful environment and nobody knows whether it has developed or not. But, one thing to be remember here is that Bitcoin has already achieved the great value and intact in the 1st position and also it is the pioneer in the digital currency. So, nothing will surpass the Bitcoin.

It seems Facebook was not capable to foresee the negative response they will get from the governments, since they have always gotten a positive response to everything they do since governments can keep a close eye to their citizens with all the surveillance they employ they thought governments will be happy with this as well.

But they underestimated their response, governments do not like the idea of having anyone compete against them when it comes to money and Facebook is learning that lesson the hard way.

I don't think Libra is a threat to Bitcoin (if it would ever be launched considering all the opposition it's facing), infact if Libra launches, it would serve to bring much publicity to the cryptocurrency market and Bitcoin and a major Altcoins would benefit from it, do not forget that in all exchanges, Bitcoin is the main trading pair and as long as Libra would be traded anywhere, it would also be boosting the Bitcoin price as well. I believe the Chinese currency would do the exact same thing, remember when the Chinese Government enforced Cryptocurrencies, Bitcoin grew by +30% even though they were announcing their own currency.

I think libra cannot do that. Because all we know that bitcoin and libra are really different. Libra is become famous because on it's good marketing on the other hand bitcoin is become popular because on it's power in terms of usage and investment. But unlike libra bitcoin did not encounter too much problem upon launching and I don't think libra will live like bitcoin that now is already a decade.

I never thought Coin Libra would reduce the dominance of bitcoin. because both have different characters. bitcoin is free and decentralized while libra coins are centralized and controlled by Facebook. although Facebook has a large number of users, it will not necessarily make libra coins become successful coins like bitcoin. just now libra is experiencing a lot of rejection, I'm not sure this coin can be released in 2020. so bitcoin will remain the king and the main coin in cryptocurrency.

There are 2 problems.

Libra is not a true cryptocurrency so I doubt that it will be listed on Coinmarketcap. Secondly I would like to know if Libra will be avaiable for trade only in private market in Calibra wallet or they plan also to cooperate with crypto exchanges. Because listing on 3rd party exchangies could cause instability and Facebook will not have as much control over Libra as if it were listed internally only.  ::)

You're absolutely right.On Your post, in principle, you can already close this branch.In addition to Your post, I would like to say that telegram has already reached 1 billion users.Libra has no chance to compete with both telegram and bitcoin.

I am sure the Libra owners have no intention at all to defeat the dominance of bitcoin in the market. Because they are aware of bitcoin, keep bitcoin from being replaced by other coins. What is interesting for me is just waiting whether libra will defeat the dominance of the thether as a stable coin ??

Actually, libra has not yet been launched but why many people have compared with bitcoin, if you see from the strategy that is implemented it is very convincing but we will wait later if libra can dominate bitcoin, because for the coins that I just race it is very difficult to dominate bitcoin because bitcoin also needs time to be at the current level, but for libra coins we just wait for the launch time.

Libra might defeat the dominance of tether only if it promises more trust to users. Like what 'True USD' is doing. Regular auditing of funds etc. Libra will have a huge name in the industry as it is backed by big companies as of now. Even though many companies walked out.

I don't think that's possible. and I find it strange with the media and people who make news that I think is exaggerating about libra. even though they are supported by several large companies and in the real world it does not guarantee their market will be good. Remember, this is a new coin that doesn't have a big market. this could have been a bomb if we overreacted and responded to all this. just follow the process and wait until libra is traded on the market.

No. They are different from each other and I don't think its aim is to defeat nor replace bitcoin from dominating the market. I know Libra comes from a big company and already making noise even before lauching but that doesn't assure its dominance. Bitcoin is successful already, been there for decade. It will not be an easy path to reach bitcoin's level. Even with a big name, Libra is still centralized and I don't think most of us here would prefer it over bitcoin.

all know that bitcoin is one of the biggest cryptoqurrency in this market and bitcoin has always dominated the crypto market, even from then until now none of the altcoins can dominate the market or rival bitcoin. so I think if the Libra project is present in the crypto industry, it will not reduce the dominance of bitcoin at all.

It could though only if it's added into coinmarketcap aswell as its volume because if Libra succeed it will have massive funding that could increase the market capitalization of cryptso significantly however that's just a wishful thinking for people simply because Libra is seems to be struggling against the government and mark zuckerberg himself has said that he won't confront the government anyway. Basically he's saying that continuing the project without the agreement of government is pointless.

A big no for me, bitcoin will not affected, why they compared a volatile coin to a stable coin?, we all know that we like the volatility of bitcoin because we can make profit of it. I don't know if this Libra will launch in the next year because many companies back out for partnership and their government is very strict.

There is a lot of thing Libra need to accomplished first before taking up after Bitcoin. It hasn't been deployed though, and I do not think it would all go through. Besides there are some articles that are suggesting Facebook should drop Libra and take rather take up the square. In addition, a lot of alts are already did the same thing but none of them stood up.

especially the legality of the government and also the problems of the pros and cons of the common people. this may be one of the difficult problems that must be resolved even though there are many large partners who support this Libra project. but I heard bad news that big partners canceled agreements with Libra Projects like Visa, Paypal and maybe there's more.

reduce the dominance of bitcoin?
this is a good target, but it will be very difficult. You see the dominance of bitcoin today is more than 60% and even if all altcoin marketcaps are combined it's not comparable to bitcoin. and see ethereum, ETH is the second rank coin but the marketcap is less than 10% of the total marketcap of the crypto market.

so is it still possible if you hope that libra can reduce the dominance of bitcoin. I don't think so, and Libra has no chance at all.

The future of Libra has not been decided yet, if the Libra case is launched on the right track then maybe it is just a stable currency used in the Facebook ecosystem, so it will not affect anything. Bitcoin dominance.

To get down the dominance of BTC by any cryptocurrency will take decades. Libra might be just one among them. Honestly, I don't even have good hope on the Libra project and coin. We have to just wait and see.

How can Libra bring down bitcoin dorminance? Libra is even suffering from being accepted into the crypto world, so, I can't see how the said Libra will act as a string wind against the giant bitcoin. Basically, many of the these tokens or coins that are seen as market movers always end in a bad style. Libra looks like a scam to me through..... My personal opinion.

I think with the release of some partners will not give a problem for Libra itself. The community that is owned by Facebook is very big. The problem of trust I am very sure they will be able to provide it as they manage Facebook so far with full trust. What won't happen is Libra replaces the dominance of bitcoin.

Libra is a centralised currency and Bitcoin is a decentralised there is no comparison between the both. Thus, Libra can not cross BTC.

I don't know who push these topics about Libra coin. Every once in a while I see something about Libra, some people give them too many credits, and I'm not sure that Facebook as a company deserves that. I think like you my friend, Libra can't even be compared with Bitcoin, to not talk much further about that.

Agree, a comparison is probably not appropriate when the trend of people is liking the instability from bitcoin, astable coin will be difficult to jump into this trend and compete, especially with a stable coin and probably will receive a lot of scrutiny from the government, the influence of libra coin will be reduced to a very low level when users do not like the control. And I still don't understand why so many people still want to exaggerate, even inflating the value of libra coin will outperform bitcoin while bitcoin is a nearly complete product and libra coin is just a dream and plan product

You are talking about decentralization, but show me one altcoin that is not centralized in some way? Ethereum has CEO, Litecoin has CEO and so on. Teams of these altcoins own more cryptocurrencies, more power than rest of users.. There is probably only one altcoin that is truly decentralized - Grin due to its same history like BTC, we do not know who creates it.  8)

Many of the issues circulated that Libra claimed to be able to Saingi the Crypto King Pamor is Bitcoin. As Libra is considered a lot of excellence in its technology is : Libra will have a digital wallet, This Facebook Libra digital currency will also have a digital wallet. So, for any user or trader will be able to use Calibra to send, receive and save Libra easily. Libra digital wallet will be available as a standalone application on your phone or smartphone and you can connect with the Facebook Messenger application and also with WhatsApp Messaging.

I think no company owned cryptocurrency can beat the dominating of bitcoin as a decentralized coins. People are more likely to invest on bitcoin because it's already famous and mainstream in the world. Libra need something special to blow up to promote their coin and make investors interest to the project, but lately libra has many bad news and many parnetship of libra are leaving that means indicate something wrong with the project

Until now, there has never been a stable coin that can reduce the dominance of bitcoin. Libra is just a centralized digital coin that has a different target market than bitcoin. Even for a very long time.

Seems to me that Bitcoin is primarily being used as a store of value, while Libra is being designed to be a transactional currency thats pegged.  These are 2 entirely different use cases.  it's like comparing apples and oranges.

That's the shortest joke I've ever heard.

The domination of Bitcoin cannot be beaten either now or never. Libra can't even rival Bitcoin. Libra cannot also compete with the top 5 cryptocurrencies.

I think some people are trying to shill the Libra project for no reason, but it will never happen.

it looks like you must learn again about what was the real purpose of stable coin. The creator of stable coin is seeing an opportunity to provide a coin with stable value to give more advantages to the traders to secure their money and this has no relationship for the stable coin to steal the domination that has already created by bitcoin.
Stable coin will never bring down the bitcoin dominance and it has another purpose.

This is just like asking if "a cat can put down a lion". Libra can not and never near Bitcoin's dominance, adoption and acceptance. Bitcoin remains the #1 cryptocurrency. So please let's stop the comparisons between Bitcoin and Libra. You may compare Libra with some sort of alts but not with bitcoin.

what I know from the beginning of bitcoin emerged until now there is no altcoin or cryptoqurrency that can reduce the dominance of the bitcoin market. So, the conclusion is that I personally do not believe that Facebook Coins are present in this industry and can reduce the dominance of the Bitcoin market. I still believe bitcoin will always dominate the cryptoqurrency market.

But there is dark side of everything. Just because this was the reason that was told by the creator of stable coin does not mean it was the real intention too. Honestly, there is not a single digital currency that has not tried to take place of bitcoin. What makes you think that Libra is different. It can never ever dominate bitcoin whether it want or not. Secondly, our money is far secure with bitcoin.

I believe that as soon as Libra will enter the market, millions of people would invest in this coin, not only because it is a good crypto currency, but because this coin is backed by famous companies  and big investors.

Digibyte! Check it out digibyte and their awesome community. Digibyte has no CEO! Nice tweet from them https://twitter.com/DigiByteCoin/status/1191587403154231296 (https://twitter.com/DigiByteCoin/status/1191587403154231296)
"Breaking news! #DigiByte will never “burn” 55% of all $DGB. As a truly #decentralized #blockchain that’s not even possible."
You asked for at least one altcoin, I expect to hear some answer from you.

I don’t think that there is anything to really wait and see, I don’t see Libra coin going anywhere because they are already having a strong opposition from government and I will say that this is indeed one of the projects that I have seen government really come hard on, and the funny thing is that they are not even coming hard on bitcoin or seeing bitcoin as a treat as much as they see Facebook coin.

For regulation, I don’t think they will get any because the government is still not very much satisfied with the reason that Facebook is giving for wanting to introduce the Libra coin, and I personally also so not see much need for the coin, I am only seeing Facebook releasing the coin just because they want to stay relevant and because they want to take advantage of the number of users that they have.

Well... that is a no-brainer. Facebook has such a big user-base (around 2 billion users, almost 20 times the number of active cryptocurrency users), and it is being regarded as one of the largest corporations out there. When they get involved in innovative technology such as cryptocurrency, not just the individuals, but also the whales and the hedge funds may get interested in it. 

But then the big question is whether Libra will be realized or not. The American lawmakers have made it clear that they don't support a USD-backed cryptocurrency and it has found few supporters among the banks and investment funds. Even the starting partners such as Paypal, Visa and Master have made it clear that they are no longer involved in the project.

that's what everyone has been waiting for. when libra enters the crypto market and starts to trade will there be an influence on the adoption of crypto in the market or not? the effect on bitcoin is unlikely to be too big, but if it succeeds in driving large numbers of adoptions there will be a surge in the market. maybe that will affect some other stable asset trading. if the market from Libra can immediately strengthen with the encouragement of large companies that support it.

Forget about people investing into Libra even Tha major investors are already making withdrawal from this project due to Facebook having a hard time dealing with the government regulation and their backlash.
Libra is basically got stuck right now and even mark is saying that he will not confront the government if they refuse to approve the project meaning Libra fate is at the hand of the US government.

A libra can affect the dominance of bitcoin only if new money enters the market that Facebook users will use to interact with Libra.
Then the market itself will expand, and domination will decrease.

Probably someone will exchange part of the altcoins and stablecoins for Libra, because it can be used as a universal means of payment and as a stable coin.

Nope I didn't beleive that speculation we ahould know that libra is powerful coins in the future because the support the facebook company the devs of the new expensive coins in the duture.
But I still strongly believe nobody can overtake for bitcoin as king of crypto, bitcoin and libra are have own indentity as virtual currency.

Bitcoin and Libra cannot be compared because these two coins have different correlations. Libra is a centralized digital currency whose value is based on basic assets. Decreasing bitcoin dominance can also be caused by Libra when Libra wants to launch later. Investors will sell bitcoin and buy libra. This decrease in dominance will have an impact on the price of bitcoin and the price of altcoin.

Libra could definitely shake some things up but I really doubt it would hinder cryptocurrency in anyway. By Intergrating   a stable coin based cryptocurrency on to its platform, a mass adoption of cryptocurrencies might occur. All of these new people who have never before knew or rather experienced what Blockchain is or how Bitcoin works, could now potentially be educated on a large scale being that Facebook and it's partnerships like Instagram and WhatsApp altogether reach a generally global audience.
  If Libra is currently being scrutinized by Congress, it's a good and a bad thing. It raises the awareness of crypto going mainstream but at the same time puts a lot of regulatory pressure on the scene being institutional investors are getting involved.