Will Libra Coin bring Down Bitcoin's dominance

[SlimShadyMmp]

First is centralized not decentralized and then there wont be Libra hitting all sort of exchanges without the owner poking their noses here and there Centralization is the reason we have Crypto and the blockchain Libra is just platform currency for this one let me say social media money

[Bananington]

I think comparing Bitcoin to Libra is more of a hyperbole, a farfetched comparison. Bitcoin dominance will always hold since its the pace setter and a truly decentralized cryptocurrency, unlike Libra. Well, unless you mean a slight drop in BTC dominance by percentage (nobody knows for sure). Libra is extremely centralized hence doesn't have a great place to me in crypto.

[AmoreJaz]

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. 

and from those facebook users that will initially use libra coin, these users later on will learn the difference between libra and bitcoin, they might eventually go for the latter. their privacy is at stake with libra. and i dont think most people will prefer to have open lives to this platform!
 is it okay for you to receive notifications inviting you to some event that you have absolutely no idea and no interest of! or getting a message from nobody that they know you are in town and offering you to a spa for huge discount because you are a libra user? i think this will turn into a creepy app sneaking on your private lives. if it will ever come to life!

[adekogbe]

The dominance of BTC in the cryptocurrency market has been unrivaled from time and it will most likely remain that way for a very long time.

Libra is nit a fully decentralized project and considering the reputation of Facebook in terms of privacy breaches in the past, i dont see Libra getting much acceptance in the cryptocurrency space which promotes privacy and anonymity

[jajorforce]

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?

This is not possible, Libra isn't much accepte yet. In USA already 9-14 percent people have idea about Libra coin. European some country doesn't support Libra coin especially French. Could be down dominance of Bitcoin, when Ethereum 2.0 will arrive and Libra coin will launch.

[Sithara007]

I think comparing Bitcoin to Libra is more of a hyperbole, a farfetched comparison. Bitcoin dominance will always hold since its the pace setter and a truly decentralized cryptocurrency, unlike Libra. Well, unless you mean a slight drop in BTC dominance by percentage (nobody knows for sure). Libra is extremely centralized hence doesn't have a great place to me in crypto.

Libra can attract new users to cryptocurrency, and in the end it is going to benefit Bitcoin as well. I am not sure how many individuals use Facebook actively. My guess is a few billion. It is almost 100 times the number of active users of Bitcoin. If we can get a small fraction of them (5% to 10%) to use Libra, then the cryptocurrency user base will grow by manifold.

And the decentralization aspect is not going to drag Libra down. We already have cryptocurrencies such as Ripple (XRP) which are centralized to a great extent, and that didn't stopped it from becoming the third largest crypto in terms of market cap. Those who want to use centralized crypto will use Libra and XRP, while those who go for the decentralized ones will continue to use BTC.

[lobo13hf]

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?

This is not possible, Libra isn't much accepte yet. In USA already 9-14 percent people have idea about Libra coin. European some country doesn't support Libra coin especially French. Could be down dominance of Bitcoin, when Ethereum 2.0 will arrive and Libra coin will launch.

there was no ETA when libra will be launched a so many parties are feeling pessimistic about the launch of libra. To deal with US law maker is not easy dude. it looks like libra has a little chance to be approved by the regulators. So many parties have already argued if libra can become a threat to the fiat money.
That's why so many countries in EU have declared to ban it.

[TheClownSong]

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 could shift the dominance of bitcoin in the market. With more than 2 billion Facebook members worldwide, if only 20% of the members use or save $ 100 Libra Coin, then if I'm not mistaken, a $ 200 billion market cap will be created just for Libra Coin. This will make at least the dominance of altcoin like ethereum or top 5 will be displaced and it could be that the dominance of Bitcoin is displaced by Libra Coin

[X-ray]

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 could shift the dominance of bitcoin in the market. With more than 2 billion Facebook members worldwide, if only 20% of the members use or save $ 100 Libra Coin, then if I'm not mistaken, a $ 200 billion market cap will be created just for Libra Coin. This will make at least the dominance of altcoin like ethereum or top 5 will be displaced and it could be that the dominance of Bitcoin is displaced by Libra Coin

Do you really think all 2 billion facebook users willingly to give up their money for Libra coin, I'm pretty sure that among 2 billion of users majority of them are made up of people from 3rd world countries which usually have the ideology of never spend much money on useless things and I bet that Libra will be deemed useless in most of 3rd world countries simply because it's not applicable there.
Need to be noted most of the people in western countries also having negative perception regarding this company about how they have seriously commited a crime of violating privacy of their users. I really think that most of people wouldn't fall for the second time because it's their privacy that they gonna put at danger if they ever got messed up again.

[Hamzaal24]

Libra brings down Btc dominance, is a matter of time we all have to wait. I believe Btc have set its own league, For libra it will be difficult to enter. Recently I read a News article from a trust site, It shows the problems libra is facing. At this moment it's all clear that libra might can disturb some altcoin but can't hurt btc dominance.

[jossiel]

That's the first of hearing a stable coin not pegged with USD or EUR. We need also to be calm and wait until the time comes for Libra to show off the world on how it can really make things change. I don't like this coin but we'll see how it will manage to penetrate the market.

Dominance might go down but this could be a sign for bitcoin to reach another all time high if that happens. And before speculating anything about it, let's see on how the project will survive its issue now.

[pandanaran]

I don't know what will happen if lybra coins are released in this industry soon, only time will tell.
but I give a few examples that are already on the market, such as their USDT coins including stable currency groups and price movements are also only significant at fixed prices and do not even affect the price of bitcoin at all. maybe if someone wants to compare Lybra coins more precisely with other stable coins, because stable coins and decentralized coins differ from one another.

[robelneo]

Libra coin is bringing so many thing in the community and to consumers, maybe it will have an impact on Bitcoin's dominance in the market, the fact is Libra coin will be readily available in many exchanges, Coinbase already express their support and I'm expecting many more coming in, because there will be massive volume when they hit the market, and this can help exchange with their volume, I know there will be an impact but I don't know how strong is the impact.

[bitkanu]

Libra coin is bringing so many thing in the community and to consumers, maybe it will have an impact on Bitcoin's dominance in the market, the fact is Libra coin will be readily available in many exchanges, Coinbase already express their support and I'm expecting many more coming in, because there will be massive volume when they hit the market, and this can help exchange with their volume, I know there will be an impact but I don't know how strong is the impact.

Are you joking? libra is not even launched or it will be never.  How do you know if that is bringing a lot of things to the community and customers?
Do you think libra will launch its crypto without the approval from the regulators?
You have already written the best answer you don't know strong the impact will be given by libra and how you can determine if that will be very useful for community. This is a joke.

[lolgato1]

More and more informations come that Facebook Libra will not be launched due to lobbing.
Central and commercial banks will never allow creating a coin by big corporate compnay because that will cause a collapse of the traditional system.

[goto22]

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.c[Suspicious link removed]m/2019/06/18/the-difference-between-bitcoin-and-facebooks-libra.html

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

Highly unlikely. If anything, it might help Bitcoin, once people start developing interest in crypto. As soon as they realize that Libra is not what it could be, and that Bitcoin is — they'll move to BTC. Even if they go to some altcoin, it will be better than not participating in the crypto space at all. Libra will help the crypto space in long-term, even though that is not Facebook's intention.

[BlackFor3st]

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 is stated already that it is a stable coin so there is a very low chance that it can dominate the bitcoin in the near future if in case it will be launch. Even if Libra will not be pegged to one currency, they still need more than that to bring down the King of crypto currencies.

[Kezacky]

I don't think if Libra coins will reduce the dominance of bitcoin in the market, maybe if Libra coins have been released in this industry only lead to crypto adoption, I mean there will be newcomers who will take part here but lybra coins will not affect the rise / fall in prices bitcoin.

[skarais]

Between Libra and Bitcoin as far as I know are two different types of coins. Libra adheres to concepts such as Stablecoin, and it is like USDT and several others.
I don't think Libra will damage the dominance of bitcoin.  We speculate about Libra now, because Libra has not been released.

[pinkpanther03]

Almost several coins tried to bring down or destroy the bitcoin dominance before, just like before the launched of BTG, BCH, and etc.
They already did that and now look at their price, does they surpass the price of Bitcoin? the answer was nope! still Bitcoin remain on top
in the market, So Libra coin is just the same of the several altcoins before they launched their utility token.