Will Libra Coin bring Down Bitcoin's dominance

[BartS]

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 coin will be nothing else but another stable coin and as we have seen there is no stable coin that is a threat to bitcoin, however if Facebook really releases its own coin then many of the stable coins currently in the market are going to lose some of its market dominance, because even if many people do not really like Facebook and their policies when it comes to the privacy of your information you can be sure that they would prefer to use their coin over the coin created by an exchange.

[1715102361]

1715102361

[1715102361]

1715102361

[gabbie2010]

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.

Facebook as social media will used that medium to hype Libra of course making it to be well recognized in the league of cryptocurrencies and popular as you rightly posted which is obvious to be top 10, however for Libra to dominate bitcoin is mission that won't see the light of the day, daily market capitalization and volume of bitcoin trade daily amount to billions of dollars which makes it a strong crypto that can't easily be displaced by the emergence of Libra

[StayFly]

No. I don't think Libra will bring down bitcoin dominance because Libra is nothing but another giant altcoin.
Do you know what altcoins have in common? they all fade away over time. thus, one day libra will just fade away just like the rest of dead altcoins.  

[cryptobaro]

Of course not, Libra will be something different (ofc it they let coming out) but BTC will remain as the dominant asset of all times. What I think is, Libra will be such a great marketing for the cryptocurrency market in general. More people will invest in coins.

[Impaler]

I don't think that Libra will effect bitcoin dominance. Depends if Libra will successful to catch a very big amount of market cap then its maybe possible that bitcoin will lose a very certain amount of dominance but not that much. And that is possible if Libra is OK with exchange listing(I don't know about Libra very much).

[MI6]

There are a lot of stable coin already and still can't dominate more than bitcoin. I think it will happen to Libra. Because will need very long time to beat bitcoin's popularity and maybe what can beat bitcoin first is ETH. WIll need to be more popular than other altcoin first before can be more dominated than bitcoin, especially for new coins that just created like Libra.

[pixie85]

I don't think that Libra will effect bitcoin dominance. Depends if Libra will successful to catch a very big amount of market cap then its maybe possible that bitcoin will lose a very certain amount of dominance but not that much. And that is possible if Libra is OK with exchange listing(I don't know about Libra very much).

And I think that it won't. Libra is not competing with Bitcoin, it's competing with stablecoins and centralized coins like XRP. If it's going to take part of the market from any coin it's going to be from those.

Bitcoin is not a stablecoin but a store of value and the most recognized coin in the world. Stablecoins are going to be used to buy bitcoin not the other way round and people will want to keep it. Will they want to keep dying altcoins like those that lost 99% of its peak value is another question.

[lionheart78]

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?

That shouldn't be the question, the question would be should LIBRA be able to launch in the market?  There have been lots of opposition regarding the launch of Libra.
https://cointelegraph.com/news/how-facebook-libra-is-seeking-compliance-but-may-not-launch-by-2020
https://www.forbes.com/sites/jasonbrett/2019/09/28/congress-questions-the-sec-on-libra-cryptocurrency-and-the-whole-blockchain-phenomenon/#7991717e5135
https://cointelegraph.com/news/german-finance-minister-says-govt-must-reject-facebooks-libra-coin

And if ever it is launched, it will definitely bring down Bitcoin's dominance percentage in the market because it will eat some percentage on that 100% pie.  The extent on how huge  is still unknown because it has yet operating.  Yes, it is a very controversial currency but I believe it won't eat much of Bitcoin dominance since not all facebook users will be using Libra automatically. 

[landoffaucets]

I believe that Libra will not be listed on coinmarketcap and other cryptocurrency exchanges because Libra will create a complete ecosystem for their currency. Own exchange, own wallet, own merchants. So it will not be included into market cappitalization.

[Emperor of Man]

We don't know anything about libra yet, But clearly if it is categorize as a crypto and the number of printed tokens are big, then yes, it will get a big share of the market, specially when the total marketcap is so low.

[ashmodeus]

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?

well, how can be ?
its seems no sense to me,
let me explain based on my mind.
first,its just a project with banking system,no interest
second, although libra backed by multi holy big company, easy to get mass adoption over the world,it will not make libra dominate the market.
why ?
because libra fully organized,centralized.
for good reason, they may have low fluctuactive.
but for another reason, what's the point of hoarding a tons of libra ?
its worth nothing.
or did they have stake reward for holding ? no,i guess.
and the last reason.
i dont like libra project btw.

[VeeTeaSee]

i think that at some point in time it will bring dominance down, and at other point it will do the oposite
and it will go up and down again and again just like it does all the time with all the other altcoins

[bileq]

I believe that Libra will not be listed on coinmarketcap and other cryptocurrency exchanges because Libra will create a complete ecosystem for their currency. Own exchange, own wallet, own merchants. So it will not be included into market cappitalization.

if everything works under own control where is the decentralized idea concept of cryptocurrencies?

[carlisle1]

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

Lol it’s not Facebook will bring fall for Bitcoin nor Mark Zuckerberg and I am still asking why this Libra thing always compared to bitcoin?(though I see this often from newbies account spreading shits to promote advance this Libra)when the truth is nothing comparable to both currency

Yes basically maybe when Libra released some investors might change paths but for sure it won’t give much effect to bitcoins supremacy and domination I’m very certain about this

[skyline247]

Every altcoin brings down Bitcoins dominance to some extent. It's inevitable, because their founders will promote their coin and some people will invest their money into that instead of Bitcoin. However, we must remember that the cryptocurrency space is still relatively unknown, so we must propagate it to all of the people and all coins are an important part of the infrastructure. Bitcoin is King and will always be king.

[joinfree]

Libra can never bring down the  bitcoin dominance because Libra blockchain is centralize sheep  with  decentralize  skin.  people  are always looking decentralize ecosystem.  Zuckerburg   has  already lost  his trust  in people .. how  can a person  we can trust  with our information be trusted  with our  money..

[mrdeposit]

I don't agree with the forum members who defend the idea of falling dominance due to the new players in the crypto market.  The falling prices will attract new funds and the new form of the cash flow will lead to the increasing Bitcoin dominance and more total volume in the combined crypto exchanges. The entrance of the Libra was discussed several times here but I doubt the Libra will defeat the threats against Facebook.

[Cekerula]

libra again and libra again.
Isn't libra a stable currency?
so I don't think that libra will dominate the crypto market, replace bitcoin, or be a strong threat to bitcoin. completely wrong. A stable currency will never take over the position of bitcoin and cannot be compared with bitcoin in all aspects.

[republicrypto]

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 is not coming yet in this crypto world
But a lot of speculations coming to this altcoin,,
Maybe this libra will bring down bitcoin's dominance but only a little bit and just for a while mate
Because the truth a lot of investors focused on bitcoin only my friend
Regards

[Mysteryla]

Libra coin is just like every other normal stable coin, although, it has not yet been launch and as a matter of fact, its launch will give more definition to what it truly is.
What is being said concerning Libra has also been pronounced about other coins and at the end, we saw nothing happened. So forget of it bringing down the dominance of bitcoin. It cannot achieve that alone.