Does Libra still pose a threat to Bitcoin?

[meanwords]

I just don't get it. It was clear that Bitcoin and Libra have different use and purpose and this people just keeps comparing Bitcoin and Libra. Also, why is his arguments about banks? are they going to use Libra for banking and leverage purposes? If that's what they want, I'd still rather stick with Bitcoin than that another centralized shitcoin who thinks his better than the king.

[Shasha80]

I think libra is not a threat to bitcoin, because libra is a stablecoins and different from bitcoin. When compared as payment indeed libra
is better than bitcoin, even libra can be more popular than bitcoin. Because of the fact stablecoins are more popular. Although libra is
more popular and better in terms of payment, it doesn't mean that bitcoin can be defeated by libra. The proof is bitcoin from a decade
always dominates the market. Because bitcoin can make money, and can also be a source of income. Even bitcoin can make us rich.

[n0ne]

As in the article the usage of Libra might increase in a very short time period, but the same doesn't mean bitcoin usage will be overcome by Libra. Bitcoin isn't an speculative instrument, it is speculative by the way it functions. With the launch of Libra surely our financial needs will also be given into the hands of a centralized authority. When it comes to finance people expect security and independent usability. Bitcoin provides it, and this makes bitcoin successful than Libra.

[bgaf]

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.

This is right. In fact, bitcoin is a decentralized system,  while Libra is totally made for centralized governance and focuses on facebook and their affiliated and group of companies under their umbrella.

Its been a while hearing news again on Libra, this project will never be a competition to bitcoin, not even considered a competitor to altcoin top most project ethereum.
 

[salamat700]

I don't understand why there are still "experts" who are thinking that they possess the depository of knowledge and wisdom as to Libra and Bitcoin. While certainly, there is a big possibility that Libra can soon be emerging as a very competitive payment cryptocurrency the whole can use, we have to remember that this is just a potential and that it is not going to be an easy ride for any so-called payment platform to win the global market. We have to remember that the brand behind Libra is suffering from reputation problem. In addition, Libra is centralized and under the full control of a group of entities, something which Bitcoin is not. I have no problem with Libra and yes one day I can also be using it but it does not mean that I am leaving and will not anymore be supporting Bitcoin. The whole marketplace is quite big and we should allow open competition...whoever wins in the end is beyond me to predict.

[maxreish]

Until now Libra is still facing so many issues, I wonder if they will continue this project or not. I think it will not gonna launched (well, not yet), let's wait for their official announcement if they will gonna procceed Libra or not. But on the other hand, it is not and will never be a threat to Bitcoin. They have different features and protocol in the first place. Comparing those two is useless, they are way too different.

[davis196]

I thought that the Libra project collapsed,because all the partners left and the US authorities threatened the project.Is Libra relevant again?Will Facebook continue this project without any support from other partners and without permission from the US authorities?
Talking about a project that still isn't launched(there's a possibility that it might never be launched) is just pure guessing,fantasizing and rumors.
Comparing libra with bitcoin is also wrong.Facebook just wanted a payment method for their services,they don't want a new cryptocurrency that will dominate the crypto world.

[hotmom]

All the same, a cryptocurrency that will be better than bitcoin will ever be launched on the market. And even if it's not Libra, it will be a different crypto.

[XCANA]

There's a possibility of Libra survive the rough regulations given to them before their launch and some of these regulations are purposely made to thwart their efforts and step aside for the bigger guys(Banks) to shine again. Libra be a threat to Bitcoin is not feasible feasible, we all know that this project is centralized and not decentralized like Bitcoin, so, I can't find a comparison between the two project even though Libra scale through the Huddle's.

[Ridwan Fauzi]

I will be agreed to someone who thinks that Libra and Bitcoin has a different purpose.

Indeed, bitcoin was supposed to be a new payment system in this era or also in the future but in the fact, the people nowaday just have one intention to hold bitcoin as mean of an investment place instead of a payment system.

This is why many developers out there who take it as a chance to make a token/coin which can be used as a means of the payment system so there will be many people who can be able to use it. There is a marketplace who just use cryptocurrency (an altcoin) as a mean of payment system and I've tried it once time. So, when the libra coin has really come I will be an enthusiast of it, at least it can be used as free promotion for most people aware of the utilization crypto currency.

[BlackFor3st]

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?

It's too early to decide it as you can see bitcoin has been contested by numerous currencies out there both stable currencies and not stable one but still bitcoin is still at the top. Bitcoin dominance still pretty high and I cannot see any turn of events even if Libra will be launch as investors will not shift easily especially if they cannot gain from Libra.

Bitcoin is not perfect  but whatever the other projects says about bitcoin, it is not yet enough to bring it down from it's position and bitcoin became stronger as days passes by therefore there is a big chance that nothing will change even if Libra will be launch so I cannot say that Libra possesses a threat to bitcoin.

[Natalim]

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.

Bitcoin started the decentralized system, Libra is centralized and I don't think a centralized project would ever beat the king of crypto.
Libra and bitcoin would both result to the improvement of the market, but it seems like Libra now has loss its hype, I don't know if it will be launch soon.

[Lucius]

I think most will agree that a Libra that doesn't exist at all (and maybe never will) can not be a threat to Bitcoin, because it is actually about two different concepts. Well, stable coin cannot be a threat to a decentralized system such as Bitcoin, which derives its power from this decentralization.

Although Libra targets underdeveloped countries, its global success would largely depend on large markets such as the USA, EU, China and India. And all of them have expressed their strong opposition to such a concept that would actually undermine national currencies. Bitcoin, on the other hand, has no need to seek permission for its existence, is accessible to anyone with internet access and can even function in countries such as China or Russia that greatly censor the internet and freedom of expression.

[bitcoin31]

Honestly I don't see a lot of news of Libra but in the first day they announced they launch their own coin I saw more news and speculation about this coin  but now it only some. But bitcoin is still popular to the online world because there is still more news and more investors are invest to the bitcoIn so that's why I think its still famous and I don't see any threat .

[Wind_FURY]

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.

Have you read their updated white paper? It's just another payment system like Venmo. All allowed wallets will only be by hosted wallet providers, approved by Libra. Users also don't hold their own keys.

[Wexnident]

And isn't the fact that what OP said that BTC couldn't do the beauty of it? The only advantage of Libra imo is that it is being promoted by Facebook, a large (if not the largest) social media platform that almost anyone has used once before. But that's it. It's completely the opposite of BTC in terms of its usage and is honestly, no that appealing to those of us who have come to appreciate the value of BTC as a cryptocurrency. And besides, there's no perfect payment system out there, only appropriate ones. There would be, one way or another, a disadvantage that one cannot help but to have, but really, it's just another feature instead of a disadavantage, just that a lot of people refuse to accept it as such.

[pakhitheboss]

Facebook no doubt is a big company with lots of resources. It has the capability to build big projects and sell them to public. This one project might not go well with them and things have already turned sour for Libra.

Whatever they do now I do not think Libra will come into existence. If it does it will never be able to beat Bitcoin.

[isaac_clarke22]

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?

Just gonna put it in here from my source in Wikipedia: https://en.wikipedia.org/wiki/Libra_(digital_currency)

It had an update like yesterday.
It was mentioned that they were planning to establish infrastructure for various cryptos though. This was the only update that I got from this year as last happened in October 2019, but there might be something more to the news though.
Honestly I don't think we should be threatened by the existence of Libra with Bitcoin as they're aiming for different purpose anyway.

[InwardContour]

Did Libra ever pose a threat to Bitcoin? In my opinion it never did. I've been following up on libra and the updates declined with time, the last update I saw was about numerous hindrances delaying libra's launch. To me, libra should expose more people to crypto and also fast track adoption, looking at the user base in view. However, since it's a stable coin, it doesn't pose any threat to the king (BTC). Looking at the present limitations, the real question now should be ; "will libra ever launch"?

[gweedo]

So far we have not heard of Libra's schedule, it seems that this project is being delayed for various reasons. And maybe it will never launch in this market, but if it is launched this year or the coming years I believe it will never affect Bitcoin. It will help many people know about Bitcoin and this market because Facebook has a large number of users