Does Libra still pose a threat to Bitcoin?

[Daniel91]

Croatian bitcoin portal published a very interesting thinking by academics and economist John Vraz on this topic.
Source: https://crobitcoin.com/predstavlja-li-libra-i-dalje-prijetnju-bitcoinu/?utm_source=email&utm_medium=newsletter&utm_campaign=news
Vraz believes that LIbra will become a very serious competitor to bitcoin.
He believes bitcoin has problems as a means of payment and that bitcoin is disproportionately used as a speculative instrument.
in contrast, Libra was built with the intention of scaling as a payment net.
Vraz: ''The differentiation of the assets on which libre stability is based is a key factor for the performance of the currency''.
FB has a large user base and therefore a large initial range.
Vraz: ''Bitcoin and other cryptocurrencies threaten to undermine banks' control over cash supply. This deprives them of the ability to create imaginary leverage in the economy, because in assets like Bitcoin, money cannot be created without cover''.

"Banks can borrow "same" money up to maybe eight or nine times in the partial reserve banking system. Thus, a lot of banks are creating a massive offer of money in the system of fractional reserves. With Bitcoin, you can't borrowing what you don't have.

Very interesting thoughts from Mr. Vraz. What do you think of his ideas?
Do you think Libra will be a serious threat and competition for bitcoin?

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[The Sceptical Chymist]

I was just thinking the other day that I hadn't heard much about Libra for months, and I was wondering if the project had quietly been canceled--but I also figured I'd have seen some discussion here about that if it were the case.

Anyway, no; I don't think Libra would be a threat to bitcoin, nor do I even think they'd be competing for the same user base necessarily.  Most people who own bitcoin nowadays don't use it as a currency, but rather as an investment.  And since Libra is supposed to be a stablecoin, there would be no reason for anyone to own it as an investment.  They'd be using it as a currency for whatever Facebook intended them to use it for. 

I haven't searched the internet about Libra lately.  Has there been any news or developments?

[gentlemand]

Libra will never exist in the form they're proposing. No government would let third parties with user bases of billions blow their own currencies apart. If it ever does emerge it'll be a watered down bitch that does their bidding.

If it ever did emerge in the form originally proposed it wouldn't be a threat to BTC. It is just as vulnerable to the weaknesses of fiat currencies as its value is derived from them, but it's vulnerable to more of them.

[BIT-BENDER]

I have read only little about Libra coin to know enough about it does hold a challenge to Bitcoin.
If it's about publicity Libra would get it, with its link with Facebook knowing Libra wouldn't be hard. But Bitcoin and Libra has different path way non the less they are cryptocurrency

[Wenbing]

Do you think Libra will be a serious threat and competition for bitcoin?

This is the statistics from Statista

Market leader Facebook was the first social network to surpass 1 billion registered accounts and currently sits at almost 2.45 billion monthly active users

If Facebook has 2.45bn userbase and their data it'll become easy for them to be the early adoptor of Libra. We, know when demand for Libra increases it'll increase its brand and its value.

[tomahawk9]

Is that a serious question? Bitcoin is:


(source)

Libra is...Well, the opposite

Wasn't Libra supposed to compete against the big banks and whatnot?

[Twentyonepaylots]

I was just thinking the other day that I hadn't heard much about Libra for months, and I was wondering if the project had quietly been canceled--but I also figured I'd have seen some discussion here about that if it were the case.

I was very positive with Libra back in a few months but now they're like scared dogs not trying to sound a little long now. I don't see it being cancel at any reason.

Anyway, no; I don't think Libra would be a threat to bitcoin, nor do I even think they'd be competing for the same user base necessarily.  Most people who own bitcoin nowadays don't use it as a currency, but rather as an investment.  And since Libra is supposed to be a stablecoin, there would be no reason for anyone to own it as an investment.  They'd be using it as a currency for whatever Facebook intended them to use it for. 

I haven't searched the internet about Libra lately.  Has there been any news or developments?

It does not contain any threat at all, not any new born altcoins will be able to possess threat against bitcoin. If there is  a coin that has a potential to compete with bitcoin that would be Ethereum, coz ethereum is used for making dapps, so maybe in the future we are going to experience more ethereum based platforms like digital payments. Or Bitcoin Satoshi Vision, or Bitcoin cash who knows these coins are pretty exciting lately this month.

[Mpamaegbu]

Well, to your question in the title — No, Libra is in no way a threat to Bitcoin. In fact, the only thing that even gave Libra the shine it had was the figure behind it - The Mark Zukerberg factor. Beyond that, Libra is just like any other altcoin. It may even end a worthless coin if care isn't taken. I know many people quickly keyed into the project, thinking it will be an instant hit because of Zukerberg's involvement. But they soon forget that WhatsApp hasn't faired any better than Telegram since Zukerberg took over it. My point is this: Libra may end up an average project if it finally gets back its footing.

[avikz]

Lol! Let it get introduced to the market first - then we will think about the competition!

Libra has no qualities to qualify as a crypto part from its blockchain usage. It is similar to the CBDCs but only the issuer is not a bank! So Libra and Bitcoin doesn't belong to the same league only!

[dothebeats]

Tbh this is the only time I have heard of that name once more, apart from seeing it on daily horoscopes posted on several social media sites. Facebook and Libra has since quieted down once we entered 2020, and there doesn't seem to be important developments with what it offers either. Libra didn't even pose a solid threat to bitcoin either since its beginning, so the question is somewhat irrelevant IMO. If traditional companies turned down their support to Libra after receiving flak amongst the community and the masses, why would it even pose a single threat to a cryptocurrency that received numerous bashing yet stays on top of them all?

[pixie85]

Libra was never a threat. It was a threat to other stable coins like usdt. Is usdt a threat to Bitcoin?

I also think that Libra will not come to life. They probably wrapped up after that innitial set of hearings. They have enough money to get off the book statements from commisioners and such and i'm sure they were told there will be no green light this time.

[Lanatsa]

The question is, would they able to pull it through? We've known that this one does still have lots of works to be done and there are lots of opposition for this project to be launched.

Didnt expect that this one still have some talks and asking if this one pose a threat? the answer is "NO" ..

[Becky666]

Well well well, basically I can't see a threat from Libra because Bitcoin and Libra are very different from each other when it come to threatening. Bitcoin has been in existence and Libra just came into the board of cryptocurrency,  so,  comparing the two doesn't make any sense as decentralized and centralized are different protocols. Bitcoin is an investment mode by investors and stablecoins are likely to be use as currency and not an investment. People, probably investors won't have much time with Libra.

[nelson4lov]

I thought we already established last year that libra was in no way a threat or competition to Bitcoin? Libra is speculated to be a highly performant project. While this might be true (we're yet to confirm as it hasn't been launched), Libra would've to get adopted. It'll possibly take some years for the project to get a spot in the crypto space. Also, Libra os a stable coin. So it posses little to no risks to Bitcoin. The nearest competitor, at best, are other stable coins like USDT, USDC etc. Currently, there are projects with high performance blockchains with and high throughout. Yet, Bitcoinis still on top of the food chain.

[CaVO32]

The question is, would they able to pull it through? We've known that this one does still have lots of works to be done and there are lots of opposition for this project to be launched.

Didnt expect that this one still have some talks and asking if this one pose a threat? the answer is "NO" ..

they are still pushing thru the Libra project and now they released a revised whitepaper. so they will be creating various stable coins this time not the original plan of creating a global digital currency. this move clearly shows that they are totally different with bitcoin. if they are based in certain fiat currencies, then their value depends also on the fiat where they are based of and that means the price is relatively stable. It is the same as you are using your own fiat currency but this time, in digital form. so no threat to bitcoin as they are totally different in nature.

https://www.financemagnates.com/cryptocurrency/coins/facebook-libra-updates-white-paper-to-woo-reluctant-regulators/

[princerepon]

It's been a while i heard about libra. Well personally i don't think libra is a threat to bitcoin. There are many points for that and the biggest point is "Decentralization". People will not get over on bitcoin because of some centralized platform doesn't matter how much customer have libra. May be it'll be another XRP not more than that (in my opinion).

[Kemarit]

They can't even take off because of so many regulatory bodies opposing Facebook's Libra, then how can we say it will be a threat to Bitcoin? Remember that they are supposedly a payment system, however, a payment system built or at least patnered with a another gateway, i.e. Visa, banks etc. So it really defeat the purpose of what crypto enthusiast wanted, a borderless, permissionless, decentralized system. If Libra will push through, most likely their competition will be XRP.

[finaleshot2016]

IMO, even the mainstream news is not talking about Libra, it is not a threat to bitcoin.

I think Facebook libra is just giving more mainstream coverage to bitcoin, meaning, people will still look around and will discover the bitcoin, the opposite of Libra.

I've just read something that Libra has a collaboration with Dapper Labs, the one that created CryptoKitties and Flow Blockchain. Not only on Dapper Labs, they already have connections multi-millionaire company so definitely it will give a good and popular name on the public. Their partnership will make Libra as a major competitor on all assets.

[Sadlife]

John vraz has no clue what Bitcoin really is, in terms of scalability Bitcoin can adopt through any scenario and can be modified through consensus because it has open source code and it doesn't have central authority to control it with no inflation as what Fiat currencies are through printing money out of nothing. This is what Bitcoin true value compared to other assets.

[tsaroz]

Libra never posed a threat to bitcoin. Even the leading person for the Calibra project, David Marcus clearly stated that on his tweets to clear the confusion. Libra was supposed to be a global currency for the facebook platform oriented around advertising. Bitcoin on the other hand does not compete with Libra on that.