Will Libra Coin bring Down Bitcoin's dominance

[coin-investor]

I would like to play devil's advocate
From this article I read

“Unlike the volatility seen around other cryptocurrency’s in the past, we believe that Libra’s focus on creating a stable, low inflation currency backed by a reserve or real assets is a differentiator. Further, unlike other stablecoins, Libra will not be pegged to one currency but instead a basket of assets ranging from bank deposits to short-term government securities.”

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?

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[avikz]

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.

[Mandoy]

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.

[YuginKadoya]

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.

[negancoin]

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.

[Astvile]

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.

[joelsamuya]

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...

[ethereumhunter]

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.

[enhu]

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.

[Lmaooo]

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?  

[coin-investor]

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.

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

Libra will not be pegged to one currency but instead a basket of assets ranging from bank deposits to short-term government securities.”

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.

[rijaljun]

I would like to play devil's advocate
From this article I read

“Unlike the volatility seen around other cryptocurrency’s in the past, we believe that Libra’s focus on creating a stable, low inflation currency backed by a reserve or real assets is a differentiator. Further, unlike other stablecoins, Libra will not be pegged to one currency but instead a basket of assets ranging from bank deposits to short-term government securities.”

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?

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.

[Willitivity]

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.

[judeafante]

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.

[hulla]

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.

[Lucius]

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 :

“I want to be absolutely clear: In these conditions, we cannot authorize the development of Libra on European soil.”

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

[pawanjain]

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.

[Artemis3]

I would like to play devil's advocate
From this article I read

“Unlike the volatility seen around other cryptocurrency’s in the past, we believe that Libra’s focus on creating a stable, low inflation currency backed by a reserve or real assets is a differentiator. Further, unlike other stablecoins, Libra will not be pegged to one currency but instead a basket of assets ranging from bank deposits to short-term government securities.”

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

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.

[micalith]

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.

[bhabygrim]

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.