Will Libra Coin bring Down Bitcoin's dominance

[MetalGear]

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?

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.

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[Red-Apple]

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.

[Lalafell]

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?

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.

[Zemomtum]

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.

[TravelMug]

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.

[rdluffy]

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

[Distraction]

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.

[o48o]

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.

[WalkerIVIV]

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 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.

[confreslamp]

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.

[gunhell16]

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.

[boltz]

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.

[matchi2011]

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.

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.

[Ozero]

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.

[tsaroz]

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.

[Chiyoko]

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.

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.

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.

[Xardasim]

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.

[Vinalians]

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.

[J1mb0]

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?

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.

[DU18]

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?

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.