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

[Indrawan77]

No it won't destroy btc, bitcoin is a decentralised coin people loves to invest in decentralised coin, although the popularity of libra claimed to be big but we can't be sure it can beat bitcoin, for me the existence of libra will light up the crypto competition which will be good for the users

[klaaas]

No it won't destroy btc, bitcoin is a decentralised coin people loves to invest in decentralised coin, although the popularity of libra claimed to be big but we can't be sure it can beat bitcoin, for me the existence of libra will light up the crypto competition which will be good for the users

No it wont. May be facebook credits become a popular service it can live side by side. Overall it brings more curious minds into the crypto space.

[poodle63]

No it won't destroy btc, bitcoin is a decentralised coin people loves to invest in decentralised coin, although the popularity of libra claimed to be big but we can't be sure it can beat bitcoin, for me the existence of libra will light up the crypto competition which will be good for the users

Not just the difference of the natures of these two but also the fact that libra is basically stablecoin, it is entirely different thing to bitcoin. Libra's price will never fluctute because it is backed by real money by the company unlike bitcoin. Even by this people should stop worrying about what might happens.

[clair508]

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?

Worse is blocking and banning bitcoin most of countries in the world.Then they will some laws who using it.You can search and see few trail works happening in India.
https://www.coindesk.com/another-indian-crypto-exchange-shuts-down-blaming-banking-ban

Their aim is introduce some kind of alternative(like Libra) and ban the bitcoin and other crypto-currencies

[kryptqnick]

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.

I agree with you about the appeal of both things. Everyone knows how Facebook is not respecting privacy, selling personal data, allowing sexist and racist targeting advertising, etc. Using a coin of this company, so that it also knows one's buying habits? No way! And I also don't use Instagram at all, so I guess some people might get interested in the coin, though.
As for what happens to Bitcoin - well, it can go back to being a coin of a small group of people who care. The price will be low, but so will be the fees, so I guess it's not a bad thing.

[pixie85]

There's no worst scenario. In theory people could sell their bitcoins and buy libra but that will be a bit like selling to buy a better version of tether.

There are better stablecoins that tether already available. There are also coins based on mimblewimble protocol. Despite  that I don't see people selling bitcoins to buy them. This big bull run proves that bitcoin is still the leader.

[GreatArkansas]

Their aim is introduce some kind of alternative(like Libra) and ban the bitcoin and other crypto-currencies

That is possible, but Libra and Bitcoin are totally different so there's no way we can compare Bitcoin to Libra, but if that's the case, we can't force them not to ban Bitcoin.
Bitcoin is just being decentralized, and a better store of value for me. We should also appreciate the existence of Libra like there are many people introduce to cryptocurrency since Libra and people will notice Bitcoin.

[chicken65]

At every opportunity your duty is to scream no to any citizenry considering Zuckerbergs Totalitarian coin.
Reject him and his social media. The man is a monster

[jake zyrus]

Possibly it'll gain a lot of attention from people in the near future than bitcoin but I don't think it will be a worst case for bitcoin. I don't think it will affect bitcoin afterall. I mean, it could also bring positive outcome to it. If more people will know libra, they will might eventually gain knowledge about crypto and bitcoin.

And I don't think libra can destroy bitcoin at all

[fortunecrypto]

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

Given that Facebook is behind its development, it will become a successful coin, but will not harm Bitcoin's reputation or leadership in the market, since they are different Libra is a stable coin while Bitcoin is a decentralized coin, I wonder why people keep insisting it will go against Bitcoin hen, in reality, it is not.

[denzkilim]

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.

That's definitely a worst case scenario but I doubt that Libra would be more popular than Bitcoin in the crypto space. There are some articles says that Libra is a stable coin and there are some that say it is not a stable coin just like other Crypto Currencies. I don't feel that Libra will become a threat to Bitcoin and Bitcoin will continue to reign supreme in the Crypto Currency industry for a long period of time.

[keyboardstyli]

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

At this point in time, companies are indeed creating their own stablecoin (so they don't FOMO). And by doing so, would let everyone know in the process that they're into crypto's future, even though in reality it's still closely tied to the value of Fiat.

[bubislav]

First of all l want to say definitely Libra can damage BTC and Libra may be successful but not too enough to destroy BTC.LIbra can't dominate cryptocurrency.l have a slight feeling.l don't believe it, aim of them are various.

[#dhabitamartha]

the worst case scenario for bitcoin if bitcoin will be cracked and the number of hackers that are destroying this market is bad for bitcoin and the stability of the libera bitcoin market there must be strong approval and security protection for bitcoin users to remain stable and this will affect many country for bitcoin in crime or money laundering.

If we get free bitcoin by working diligently, it might not affect bitcoin. it really managed to market bitcoin well

[Caladonian]

No it won't destroy btc, bitcoin is a decentralised coin people loves to invest in decentralised coin, although the popularity of libra claimed to be big but we can't be sure it can beat bitcoin, for me the existence of libra will light up the crypto competition which will be good for the users

No it wont. May be facebook credits become a popular service it can live side by side. Overall it brings more curious minds into the crypto space.

It will open up the minds of those people who are not yet been inside, Bitcoin will continue to be the number one crypto not even Libra can penetrate and remove that, though there's also space for this new project to be successful since it will cater those who's not really familiar with crypto currency.

Libra is for centralized while Bitcoin will continue being decentralized and be used by people who are well aware with how crypto really works.

[xWolfx]

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

I agree with you 100% in the part that libra won't affect i believe at all.

But also the coins popping everywhere is because anyone can do it, it will probably bring profit to the team who created it and also some do it because of ideals primarily but at the end they are not really needed.

After a lot of years passes by you will notice that they were truly irrelevant. You just have to notice the patterns.

[BTC Future]

If there is a long term bet, my money goes to Facebook Libra.

You seriously think facebook won't go full force against Bitcoin, but let it live side by side with their coin? Do you have any idea about their strategy all these years? Do you understand how companies like Microsoft, Apple and Facebook became the titans they are now? Seriously you just type all these comments to fill your signatures without having any clue what you talk about.

Facebook will 100% try to eradicate competition and bring the price of Bitcoin to zero. And they have a good chance in succeeding.

[fiulpro]

Worst case would be Libra getting investors flow from the Bitcoins actually this might be the only problem it can create , is what I think.
People might switch over to libra feeling more secure and comfortable, because it is going to be backed up by big companies itself but let's not forget that even Facebook is enough to insure Libra.
We don't know yet what will happen but right now it is positively affecting us , people are taking cryptocurrencies more seriously and the price is also rising.

[miropp]

I highly doubt that people will be able to give up bitcoin in favor of Libra. That sounds impossible. Bitcoin has a very strong impact on the crypto community and people will not exchange it.

[rodel caling]

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?

Nothing orse case and nothing to worry about that, all we need to do is to,support that libra become successful because it possible the success of libra can bring it for bitcoin mass adoption because of people curiosity because for sure libra use the facebook to promote their project.