Will Libra Coin bring Down Bitcoin's dominance

[nelson4lov]

For those who missed it, The Libra Association has published its first roadmap detailing the milestones the Calibra team plans to meet prior to the mainnet launch of Libra network.
Libra may be launching sooner than we think and it's pushing through whether the government likes it or not.

Link to original article: https://www.theblockcrypto.com/linked/41830/libra-publishes-roadmap-laying-out-4-key-milestones-to-be-met-before-mainnet-launch
https://developers.libra.org/blog/2019/10/02/libra-developer-update/?sf220613563=1

[BartS]

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.

Some people just want to see bitcoin being surpassed by any coin, they do not care the name of the coin they just want to see bitcoin not being the top coin in the market, but a stable coin will never take that position because if it does we might as well use our fiat instead, what it is the point of using fiat to buy a cryptocurrency backed by fiat? There is no point for something as ridiculous as that but if some people want to dream with that, let them, it will never become true anyway.

[Argoo]

If a stable Libra coin is issued, which I very much doubt, it can slightly affect the price of bitcoin in the direction of lowering it, since many can use Libra as a means of payment and thereby the usual cryptocurrency can decrease in trading volume. However, the emergence of Libra cannot affect the price dominance of bitcoin to other cryptocurrencies. Here I do not see any relationship.

[Twinkledoe]

For those who missed it, The Libra Association has published its first roadmap detailing the milestones the Calibra team plans to meet prior to the mainnet launch of Libra network.
Libra may be launching sooner than we think and it's pushing through whether the government likes it or not.

Link to original article: https://www.theblockcrypto.com/linked/41830/libra-publishes-roadmap-laying-out-4-key-milestones-to-be-met-before-mainnet-launch
https://developers.libra.org/blog/2019/10/02/libra-developer-update/?sf220613563=1

But even if it will be launched sooner, I don't think Libra will compete bitcoin's dominance. They have totally different usage in crypto. And for those who want to reserve their privacy, they won't use Libra at all. But the adoption might come easier with Libra because of the wide scope of users they have. Those who don't care their privacy will use Libra without questions asked.

[cutesgirl]

Why coin libra can make down bitcoin dominance, have Libra listing and make testing for launching or not. How come without know when Libra active as e currency could make bitcoin destroy, I think is only joke from Libra and Facebook team to make people panic with bitcoin or altcoin investment and move to other investment kinds.

[CaptainKid]

Why coin libra can make down bitcoin dominance, have Libra listing and make testing for launching or not. How come without know when Libra active as e currency could make bitcoin destroy, I think is only joke from Libra and Facebook team to make people panic with bitcoin or altcoin investment and move to other investment kinds.

Most likely this is not a joke, but I also think that Libra will not compete with bitcoin ( as other coins), since bitcoin is the flagship in the cryptocurrency market and it is impossible to compete with it at the moment. But on this project, it will be very interesting to see.

[minersday]

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?

Why will you ever think Libra will bring down Bitcoin's dominance? There are a lot of good cryptocurrencies whose ideologies are bridging gaps seen in the financial ecosystem but these coins haven't been able to bring down the dominance of Bitcoin. Libra will just be one of those coins below bitcoin. 

[Insomnia family]

to be honest I am not sure about that, however, bitcoin will always dominate the crypto market while Lybra has never been seen in this industry. On the other hand, the purpose of Lybra coins is only to focus on the financial system, so I don't think that Lybra will reduce the dominance of bitcoin in this market, and remember Lybra is just a centralized coin and not a Decentralized coin like other crypto currencies.

[Pearls Before Swine]

The article says Libra is being backed by...something.  What is that something?  When you say that X is backed by Y, usually that means that there is a set amount of Y held in reserve for each X, just like how each USD$20 used to be backed by one ounce of gold.  Is something similar supposed to be happening with Libra?

But the idea that a stable coin could even approach the popularity of something like bitcoin, which has the potential to produce huge profits, is ludicrous to me.  I don't care how many facebook users there are or how much use Libra eventually gets (if it even gets released), the two coins will be unrelated in all aspects.

[PuertoLibre]

I doubt the BTC dominance will go down after the full release of the Libra project, the rumors show us a positive growth of overall crypto marketcap but the upcoming fresh cash flow will not only go for the altcoins. It also depends on the exchange trading pairs of the Libra, in case of availability of the fiat/Libra pairs the dominance of the Bitcoin can go lower than current levels.

[Youghoor]

Why are people always wanting the dominance of Bitcoin to go down?  Bitcoin we all know is the king and father of all cryptocurrencies and has no competitor in terms of market value and volume. Libra may have some potential features but there is no f**king way it will take the dominance of Bitcoin.  

[BartS]

If a stable Libra coin is issued, which I very much doubt, it can slightly affect the price of bitcoin in the direction of lowering it, since many can use Libra as a means of payment and thereby the usual cryptocurrency can decrease in trading volume. However, the emergence of Libra cannot affect the price dominance of bitcoin to other cryptocurrencies. Here I do not see any relationship.

And why do you think the trading volume of bitcoin will go down when Libra is such a different coin? Libra is not going to be that different from any of the stable coins that we already have in the market with the only exception that it could be more popular because it will be released by Facebook which has worldwide popularity, but Libra will never have the volatility that bitcoin has which makes it popular among investors and traders and most likely they will never have compete against each other because of their different characteristics.

[tenakha]

Why are people always wanting the dominance of Bitcoin to go down?  Bitcoin we all know is the king and father of all cryptocurrencies and has no competitor in terms of market value and volume. Libra may have some potential features but there is no f**king way it will take the dominance of Bitcoin.  

Decreasing the dominance of Bitcoin will cause the altcoins to move more freely. When the dominance is high, the graphs are similar to the graph of the dominant coin. We do not want the deletion of BTC from the market, but the decline of dominance.

I agree with you about Libra. Even, the recent withdrawal of some partners has also had a negative impact on his vision. Anyway regardless, Libra is not a BTC.

[Colt81]

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?

I don't think that Libra coin could bring down bitcoin's dominance in the market because libra just became popular because of Facebook, but it is not enough to bring down bitcoin because a lot of people has doubts in Libra because they don't think that Libra is legitimate to have a good value and to take down bitcoin.

[key4co.in]

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, if it actually ever launches yeah probably it will bring it down, perhaps by a lot. This isn't necesserily a bad thing, and probably it will help the price of BTC skyrocket. Reason is simple. Many everyday people that hadn't touched or even knew about cryptos before will get their hands on someLibra, and a substantial part of them will probably diversify into other coins, with BTC being the top one. IMO, libra could be a deciding factor to mass adoption!

I like your point of view but Libra can only reduce the % of Bitcoin Dominance, that's if it launches, but can never alter the 1st position by market capitalization of BTC.  well, honestly I don't like seeing comparisons of altcoins (especially highly centralized coins like LIBRA) with BTC (which is truly decentralized). LIBRA will be a plus to the crypto market anyway, so it's a welcome development for mass adoption.

[litepool.ru]

I believe that Libra will never be released. There are many reasons that libra will die and so many powerful people do not support it. And so Bitcoin will not be affected by Libra

[Dpat]

Libra coin by the Facebook is still in a doubtful environment and nobody knows whether it has developed or not. But, one thing to be remember here is that Bitcoin has already achieved the great value and intact in the 1st position and also it is the pioneer in the digital currency. So, nothing will surpass the Bitcoin.

[BartS]

I believe that Libra will never be released. There are many reasons that libra will die and so many powerful people do not support it. And so Bitcoin will not be affected by Libra

It seems Facebook was not capable to foresee the negative response they will get from the governments, since they have always gotten a positive response to everything they do since governments can keep a close eye to their citizens with all the surveillance they employ they thought governments will be happy with this as well.

But they underestimated their response, governments do not like the idea of having anyone compete against them when it comes to money and Facebook is learning that lesson the hard way.

[Drai]

I don't think Libra is a threat to Bitcoin (if it would ever be launched considering all the opposition it's facing), infact if Libra launches, it would serve to bring much publicity to the cryptocurrency market and Bitcoin and a major Altcoins would benefit from it, do not forget that in all exchanges, Bitcoin is the main trading pair and as long as Libra would be traded anywhere, it would also be boosting the Bitcoin price as well. I believe the Chinese currency would do the exact same thing, remember when the Chinese Government enforced Cryptocurrencies, Bitcoin grew by +30% even though they were announcing their own currency.

[jazmuzika217]

I think libra cannot do that. Because all we know that bitcoin and libra are really different. Libra is become famous because on it's good marketing on the other hand bitcoin is become popular because on it's power in terms of usage and investment. But unlike libra bitcoin did not encounter too much problem upon launching and I don't think libra will live like bitcoin that now is already a decade.