Does Libra still pose a threat to Bitcoin?

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Quote from: The Sceptical Chymist on April 16, 2020, 12:04:50 PM

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

On April 16, the Libra Association updated its White Paper outlining the Association's new plans. The Cover letter shows the main changes: https://libra.org/en-US/white-paper/ Instead of to Libra, national stablecoins will be released, such as LibraUSD, LibraEUR, LibraGBP and others. In addition, the document focuses on the security of the Libra payment system.

Nasonn

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Is Libra project still live? No project can pose as a threat to Bitcoin given all that Bitcoin has been able to achieve. Libra is centralized and will strictly follow some laid down rules Bitcoin is not centralized and not government by any rule whatsoever.

foxdice

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libra is centralized...it's totally different, there is no room for comparison.

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It has been delay for so long that everyone has been waiting for the launch. We don't know when it will be allowed to launch by their own government and the rest will just follow.

Quote from: Daniel91 on April 18, 2020, 06:13:48 AM

So, for now, it's probably not the main question of whether they can become serious competition for bitcoin, but whether they can even get started this project?
What do you think?

It will be a stable coin and I don't see any threat or competition for it.

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Quote from: Daniel91 on April 18, 2020, 06:13:48 AM

Thank you for your thoughts.
I also don't think Libra will become any serious threat to bitcoin.
About Libra we have had an interesting discussion in my local section of the forum before and browsing this topic I have encountered this very interesting news: https://bitcointalksearch.org/topic/da-li-je-ovo-kraj-fb-crypto-valute-libre-5192802
Summary of the article:
The FB currency is a near-collapse project because all the big financial investors, like Visa, Mastercard, Paypal, Ebuy etc. have retreated.
The main problems that caused this were the expected, money laundering, security, personal data Protection etc. and the FB appears to have failed to convince regulators that these issues have been successfully resolved.
So, for now, it's probably not the main question of whether they can become serious competition for bitcoin, but whether they can even get started this project?
What do you think?

That is just the right question. And from all indications, after updating their whitepaper, they are trying hard to take off but hindrances from SEC seems a little bogus for them at the moment. You can read a congresswoman thought on Libra launch here: https://cointelegraph.com/news/us-congresswoman-vows-to-brand-facebooks-libra-a-security-despite-todays-updates?utm_source=Telegram&utm_medium=social

Daniel91

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Thank you for your thoughts.
I also don't think Libra will become any serious threat to bitcoin.
About Libra we have had an interesting discussion in my local section of the forum before and browsing this topic I have encountered this very interesting news: https://bitcointalksearch.org/topic/da-li-je-ovo-kraj-fb-crypto-valute-libre-5192802
Summary of the article:
The FB currency is a near-collapse project because all the big financial investors, like Visa, Mastercard, Paypal, Ebuy etc. have retreated.
The main problems that caused this were the expected, money laundering, security, personal data Protection etc. and the FB appears to have failed to convince regulators that these issues have been successfully resolved.
So, for now, it's probably not the main question of whether they can become serious competition for bitcoin, but whether they can even get started this project?
What do you think?

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Quote from: atjiat on April 17, 2020, 02:15:25 PM

I believe that the project Libra, even without a real purpose for this, is already actively positively affecting the entire cryptocurrency market. Many countries, including the USA spoke out negatively about this project and, in order to insure themselves, they have long made decisions in order to regulate the blockchain industry. And this is what already gives certain guarantees for investors, because it is in this situation that investing in
cryptocurrencies becomes safer than before. Thus, the libra project is already having a positive effect on the cryptocurrency market, even though it has not yet been implemented.

Libra has to escape all the legal infringements around its neck to see the light of the day. A US Senator already told Libra team.that it would still.be treated as a security on hearing that Libra plans to build and develop on existing top stable coins in the market to gain grounds. Hopefully, they will find a way into crypto because the market could really use some boost

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I believe that the project Libra, even without a real purpose for this, is already actively positively affecting the entire cryptocurrency market. Many countries, including the USA spoke out negatively about this project and, in order to insure themselves, they have long made decisions in order to regulate the blockchain industry. And this is what already gives certain guarantees for investors, because it is in this situation that investing in
cryptocurrencies becomes safer than before. Thus, the libra project is already having a positive effect on the cryptocurrency market, even though it has not yet been implemented.

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Quote from: gweedo on April 17, 2020, 11:25:07 AM

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

I do not understand how Libra can be a competitor to Bitcoin when it is not known when this coin will be born. I believe that Ethereum is much more competitive and threatens Bitcoin.

Kodaman

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Nothing can be a threat to Bitcoin. Period.

gweedo

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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

InwardContour

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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"?

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Quote from: The Sceptical Chymist on April 16, 2020, 12:04:50 PM

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.

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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.

Wexnident

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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.

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Quote from: gentlemand on April 16, 2020, 12:23:14 PM

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.

bitcoin31

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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 .

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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.

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Quote from: tsaroz on April 16, 2020, 08:39:40 PM

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.

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Quote from: Daniel91 on April 16, 2020, 11:54:21 AM

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.

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