What's bitcoin worst case scenario if Libra will be successful?

[jonathan6655321]

I heard people saying it won't affect bitcoin at all, and others say it might destroy it

I wonder what's your opinion about it?

What can be the worst case when it comes to Libra and Bitcoin?

[1713276125]

1713276125

[HeRetiK]

The worst case would be people giving up their last shred of privacy and financial sovereignty in favour of whatever Libra's value proposition is.

If Libra really takes over what happens to Bitcoin is the least of my concern TBH.

I have my doubts that Libra will get far though as I don't see its appeal. Then again I don't see Instagram's appeal either so I might just be out of touch.

[ðºÞæ]

Libra is a stablecoin.
What can be said of a stablecoin, well its stable. (pegged to fiat - inflationary)
For 1 Dollar worth of stablecoin someone gets a Dollar worth of xyz stablecoin minus transaction fee.
Changing it back someone will get 1 Dollar minus fees.
The only difference with Libra its pegged to several fiats not just USD by looks of things.

Every large company will have its own stablecoin/token even celebs,

Stablecoins are coming, Libra is one, so is JPMorgans coin and a shit ton of others, like
https://www.coindesk.com/switzerlands-six-stock-exchange-is-working-on-a-swiss-franc-stablecoin

[tenstois]

i dont think libra will destroy bitcoin as we can see now libra is the reason why the price pumping and i think no cryptocurrency will ever destroy bitcoin as it is more popular and more often used in crpyto world and one of the reason why many cryptocurrency is popping anywhere

[mindrust]

Libra and Bitcoin targets different audiences.

Libra will indeed reach many people. Maybe more than bitcoin ever will but all these will only increase bitcoin's popularity in the end of the day.

People who store their wealth in bitcoin are running away from the companies like Facebook, Visa, Mc, BoA etc... I don't think think libra will be able to gain those people.

[Rufsilf]

I think it will have positive effect rather than bad because with Libra launching it will help to increase the number of people that will know bitcoin as well and probably someone will invest in bitcoins hence it will increase the demand. Bitcoin and Libra are very different with each other thus I don't think Libra will be able to make bitcoin disappear.

[ðºÞæ]

Facebook’s Libra – To trap low income and unbanked users in a system filled with high fees and pitfalls.
http://theculturechronicles.com/index.php/2019/06/26/the-real-reason-behind-facebooks-libra-to-trap-low-income-and-unbanked-users-in-a-system-filled-with-high-fees-and-pitfalls/
Nothing new

[||bit]

I think libra would be successful and their owners earn a lot of money but at the end, people would look for something cheaper and decentralized and crypto will come aid. It is not a threat to crypto, i think it is an opportunity.

[tomahawk9]

Worst case scenario: Libra becomes the #1 alternative payment method worldwide, big companies (Amazon, Starbucks, Ebay, etc) will be against accepting any other cryptocurrency as a payment option meaning that the "adoption phase" that most bitcoiners and crypto users want to see in the future will most likely not happen.

I'd say chances of this actually happening are not that high, I feel like at some point in the future, a big portion of the general public will get tired of these big corporations and bankers "controlling" their wealth and keeping track of every transaction they make, so one way or another, they're gonna start looking for a decentralized option to keep their money safe from the system.

[dothebeats]

For bitcoin? I don't think there is one, really. Libra would get a fair share of the market but not so much that it could make bitcoin crumble. What I'm more worried about is actually people getting in their private info in exchange of Libra, and repeating the numerous data leak bitcoin has found itself in the previous years. This isn't about the market share anymore but rather another ominous attempt by big corporations to trap people into their masked intentions for the public.

[bitvalak]

Whether it is realized or not, the existence of Libra will increase the popularity of bitcoin and make large investors inevitably also participate in monitoring the development of cryptocurrency, especially Bitcoin. Indirectly Libra has made a good impact on Bitcoin for free

[eaLiTy]

Whether it is realized or not, the existence of Libra will increase the popularity of bitcoin and make large investors inevitably also participate in monitoring the development of cryptocurrency, especially Bitcoin. Indirectly Libra has made a good impact on Bitcoin for free

All the big financial institutions are aware of the bitcoin market and the profit margin it can give than the rest of the financial markets and it is not a hidden truth anymore, the arrival of a central coin like Libra might attract people who are not interested in the market till this time and i highly doubt whether these people will get attracted by a decentralized coin like bitcoin and by the time the coin is released the price of bitcoin could very well cross $20000 and those huge valuation might not attract the common citizens to view bitcoin as an investment platform either.

[sunsilk]

I heard people saying it won't affect bitcoin at all, and others say it might destroy it

I wonder what's your opinion about it?

People are too hyping Libra because it came from facebook. But what if this coin came from an unknown company, does it make sense? because it came from facebook many are already exaggerated with their expectation.

What can be the worst case when it comes to Libra and Bitcoin?

The worst scenario that can happen has been mentioned by these two:

The worst case would be people giving up their last shred of privacy and financial sovereignty in favour of whatever Libra's value proposition is.

What I'm more worried about is actually people getting in their private info in exchange of Libra, and repeating the numerous data leak bitcoin has found itself in the previous years.

[partysaurus]

I heard people saying it won't affect bitcoin at all, and others say it might destroy it

I wonder what's your opinion about it?

What can be the worst case when it comes to Libra and Bitcoin?

think nothing can destroy bitcoin completly , but lets say that libra becomes realy hyped alot of the investors that are just into btc to make a quick buck will jump ship and the overall btc volume would take a big hit. but i dont think libra going to become bigger from a investment perspectiv they are so diffrent and doing diffrent things.

[masulum]

Libra and Bitcoin was very different, successful Libra can't affected bitcoins holder and community.So, for me The worst scenario because Libra projects is nothing.

[timerland]

I heard people saying it won't affect bitcoin at all, and others say it might destroy it

I wonder what's your opinion about it?

What can be the worst case when it comes to Libra and Bitcoin?

I'm probably in the former camp. I simply don't see anything that would suggest that Libra will pose a direct threat to BTC.

The thing is that people understand that bitcoin is decentralized, while Libra is extremely centralized in the way that its value is derived from. The fact that you need to trust the corporation to hold sufficient reserves to keep the tokens solvent means that there is a risk that not everyone will take.

And given the fact that current bitcoin users are likely to be aware of these risks, they are most likely not going jump on ship. Furthermore, institutional investors will not be interested in Libra given the fact that there is a lack of profit incentive in using it.

If you're talking about absolute worst case scenarios, then I think it'll be tightening of regulations for digital assets overall, given the apparent regulatory risks that Libra poses. But even that's probably going to happen regardless.

[jademaxsuy]

USDT is also a stable coin peg to USD currency but it has nothing to worry where bitcoin and the likes of this coin can still synchronize in the cryptocurrency market especially in the exchange. Probably since we are digital nowadays when bitcoin rises up still these stable coins will remain in their  value to which when trading with btc all return can do will be basing on the value of the stable coin peg with fiat currency.

[Artemis3]

I heard people saying it won't affect bitcoin at all, and others say it might destroy it

I wonder what's your opinion about it?

What can be the worst case when it comes to Libra and Bitcoin?

Even if Libra is successful (as in not crashing under 1 sat after it hits an exchange) i won't affect Bitcoin much, it will behave like a mix of the other altcoins and stable coins, it is a very poor contender actually.

But it might be that it sparks discussion and people will one way or the other get to the starting point, which is Bitcoin, and they would wonder why Bitcoin is so popular despite Libra existing, inquire and jump in.

But i see Libra worse than Ripple and similar centralized altcoins, and you don't see those taking the crypto world by storm. They have found their place, such as with banks, but Bitcoin remains unabated, while still being decentralized and not pegged (artificially) to any fiat.

Zuckerberg is naive thinking, he too, can be successful with his own vision. He shoud have researched how it went with the (very rich) chinese that tried the same. Its far from easy not even with getting a few banking institutions behind it.

And, he wants to catapult it over Bitcoin, which is his ultimmate downfall. If Bitcoin was so bad, why people keep using it? People will find out the truth beyond facebook, twitter and instagram.

[bloodyvio]

i can't imagine the worst scenario if Libra will be more successful than Bitcoin
there is nothing special about Libra that can threaten bitcoin

but the positive side is that bitcoin can follow the FOMO train created by Libra 

[Twinkledoe]

Libra and Bitcoin targets different audiences.

Libra will indeed reach many people. Maybe more than bitcoin ever will but all these will only increase bitcoin's popularity in the end of the day.

People who store their wealth in bitcoin are running away from the companies like Facebook, Visa, Mc, BoA etc... I don't think think libra will be able to gain those people.

Yes, I agree with that, Libra will take away the privacy of those people who want to stay anonymous with their crypto business. So they won't even touch Libra coin. What would be the advantage of using such a stable coin for them? FB has already invaded the privacy of most people on Earth, who are up until now, sharing all their stuffs to this social media channel. Naive users that don't care about their privacy and security. I'm curious how they will utilise Libra coin once up and operational. In this case, FB now knows everything about your life, even your financial movements.