Libra's chief says, Libra is not a threat to bitcoin

[Tipstar]

David Marcus, the head of Facebook's cryptocurrency Libra twitted,

Many want to pit Libra vs. Bitcoin. In my mind these two are not in the same category. BTC is a decorrelated (investment) asset. Libra is designed to be a stable medium-of-exchange. I have been, and remain a fan of BTC, but for very different purposes.

The former president of Paypal stressed that Libra is a better digital cash and payment system, while bitcoin is a long-term investment vehicle.

https://www.ccn.com/crypto/facebook-cryptocurrency-chief-libra-no-threat-to-bitcoin/2019/06/20/

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[Lagonda]

Of course it's not. Only idiots say Libra is a Bitcoin's threat. How can be a stable, centralized coin threaten bitcoin? Only one thing that Libra wins over bitcoin is that it consumes a lot of attraction in the last couple of days and makes people for get the fact that bitcoin is reaching $10k.

[MiF]

That's good thing about Libra and now the chief already revealed that their coin has nothing to do to threaten bitcoin economy. There's a separation between bitcoin and new rising Libra coin, and despite of the fresh popularity we can't assure more demands coming yet. Though we think it's more advantage from existing cryptos, but it might need long years to generate good markets for new coins.

[muncuss]

Those two are clearly very different coin. maybe even bcoz libra more ppl will know bitcoin.

my think libra will be categorized as common transfer tool so it may be threat for same service (paypal? banks?) considering facebook user amount

[Zidan Bst]

That exaclty Bitcoin will not defeated by Libra.
Libra is the stable coin for the community of facebook,imo.

[passwordnow]

Though David Marcus works for facebook now it can be manipulative or he's just telling the truth. But I don't actually see any threat for bitcoin about bitcoin. He's right that bitcoin is good as a long term investment because everyone treats it carefully as a store of value.
While Libra is going to be a digital cash that can be used everyday because it has a stable value. I don't get it why people keep on arguing about Libra as a bitcoin killer, it's not even new.

[electronicash]

its a stablecoin. everyone knew its not a threat. the userbase of facebook is used for its advantage. this is overly hyped. BTC will always rise, they knew they can't beat it so they already conclude they will fail in  beating btc in terms of its cap.

[Lagduf]

That becomes stable-medium that similar as stable coin and i hope there will be a market pair for bitcoin and libra and we can see what will happen when so many new comers are putting their money to the libra and this will help the adoption for bitcoin.

[Lawrenzoo]

Those two are clearly very different coin. maybe even bcoz libra more ppl will know bitcoin.

my think libra will be categorized as common transfer tool so it may be threat for same service (paypal? banks?) considering Facebook user amount

That is exactly where i see the battle starting from too, i see ripple, tether, banks really going down, while paypal mat still be relevant because they are already partnering with a cryptocurrency too, i think it's bitcoin or ethereum, can't remember again.

[florac9]

I never think that Libra will be a threat to bitcoin for once because I'm sure libra can't defect some altcoins not to talk of bitcoin,and Libra coin is a stable coin just like usdc and usdt so its a stable coin but I'm sure that once Libra pair to other top coins is available on market many new investors will come into crypto and the adoption rate will keep raising

[Chika08]

Yes I read the news where the Libra chief said the coin is not a threat to bitcoin and that's true it's definitely not a threat to bitcoin. Also the current news now is that the libra coin is not a threat to bitcoin but to the government, funny but all of this are just hype and people are definitely buying into it.

[RealMalatesta]

David Marcus, the head of Facebook's cryptocurrency Libra twitted,

Many want to pit Libra vs. Bitcoin. In my mind these two are not in the same category. BTC is a decorrelated (investment) asset. Libra is designed to be a stable medium-of-exchange. I have been, and remain a fan of BTC, but for very different purposes.

The former president of Paypal stressed that Libra is a better digital cash and payment system, while bitcoin is a long-term investment vehicle.

https://www.ccn.com/crypto/facebook-cryptocurrency-chief-libra-no-threat-to-bitcoin/2019/06/20/

Their operation against Bitcoin is not what needs to be defended, because it would have even been impossible for Libra to threaten Bitcoin based on some reasons he stated, they cannot ever have same function wherein Facebook function is far more than what Facebook Libra can function for.

If David Marcus is to defend their coin against anything, it is government institutions, because I really see government coming hard on them in future for this stable coin they are about to create. This stable coin may make people to dump banks completely and start converting their funds into Facebook stable coin which will be more reliable than tether for transactions.

[fullhdpixel]

its a stablecoin. everyone knew its not a threat. the userbase of facebook is used for its advantage. this is overly hyped. BTC will always rise, they knew they can't beat it so they already conclude they will fail in  beating btc in terms of its cap.

I dint know why crypto community should be worried over something that is totally impossible, have they forgotten that Facebook coin may work in a centralized way with their stable coin, while the real reason for people’s acceptance of Bitcoin for payment of goods and services is because of its decentralization.

It is not that people would not accept Libra coin too, at least Libra will still be more useful and more reliable than tether, but it’s acceptance cannot even be as much as Ethereum, before we start talking of Bitcoin. I expect Libra coin to even attract more people into Bitcoin community.

[vixcious]

David Marcus, the head of Facebook's cryptocurrency Libra twitted,

Many want to pit Libra vs. Bitcoin. In my mind these two are not in the same category. BTC is a decorrelated (investment) asset. Libra is designed to be a stable medium-of-exchange. I have been, and remain a fan of BTC, but for very different purposes.

The former president of Paypal stressed that Libra is a better digital cash and payment system, while bitcoin is a long-term investment vehicle.

https://www.ccn.com/crypto/facebook-cryptocurrency-chief-libra-no-threat-to-bitcoin/2019/06/20/

That's right. There are many members here who don't understand the problem and they are still comparing Bitcoin and Libra coin.
The purpose of Libra coin when it comes to crypto market is to develop and expand payment service, they want to serve the best for investors or traders in crypto market.
they only focus on developing and upgrading their payment services.

[Herbert2020]

There are many members here who don't understand the problem and they are still comparing Bitcoin and Libra coin.

the large wave of people talking about Libra and asking how they could "invest" in it while it is going to have a stable price only proves that majority of people around here are newbies who don't do any kind of research whatsoever and only work on hype.
that is why the altcoin market is so shitty. because good projects never grow and only shittiest ones that get the biggest hyped and pumps come up and take the higher ranks among altcoins.

[katerina5643]

tbh its a very controversial news. on the one hand Global coin will be really easy to get, retain & use it. But on the other hand we dont know exactly about its safety and real purpose.
however, it seems to be good payment system.also u can read more information here https://finance.yahoo.com/news/facebook-inc-fb-wants-more-220415665.html

[sjbi]

I also think so. Both of the digital currencies work in a different way. So there will not be any competition between Libra and bitcoin I think. Facebook has already announced that its Libra coin will not be used as a utility coin, and its price will remain stable unlike bitcoin. Facebook users use the coin not for investment prospect, but for utility purpose. However, bitcoin is a completely investment project.

[growthincrypto]

David Marcus, the head of Facebook's cryptocurrency Libra twitted,

Many want to pit Libra vs. Bitcoin. In my mind these two are not in the same category. BTC is a decorrelated (investment) asset. Libra is designed to be a stable medium-of-exchange. I have been, and remain a fan of BTC, but for very different purposes.

The former president of Paypal stressed that Libra is a better digital cash and payment system, while bitcoin is a long-term investment vehicle.

https://www.ccn.com/crypto/facebook-cryptocurrency-chief-libra-no-threat-to-bitcoin/2019/06/20/

EXACTLY! Libra is like buying Amazon gift card except that you will be able to buy many things from it. On the other hand, Bitcoin is like GOLD(yes better) whose price may change anytime.

[bitsurfer2014]

I suppose both cryptocurrency will not be rivals but rather they would complement each other since both reinforces the notion that cryptocurrencies are an inevitable reality in our near future. I think this will be the beginning of a significant milestone in mass adoption we've never seen before. Imho.

[shark69]

That exaclty Bitcoin will not defeated by Libra.
Libra is the stable coin for the community of facebook,imo.

I think Libra is not only used by the Facebook community, but can include universal.
For example, as used for payment of ads on Instagram, which is clearly the purpose for social media users.