Is libra coin going to dominate the Bitcoin market?

Gheka

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Quote from: killerfrost on December 29, 2019, 10:35:15 PM

Quote from: BestCryptoYear2020 on December 28, 2019, 10:07:21 AM

In case libra coin will get approval from US Securities,
Will it dominate the cryptocurrency market?
Currently Bitcoin has dominance of 68% in the market.
Will Libra coin reduce the dominance of Bitcoin market?

If Libra is accepted by the US government, it will be a great signal for this market. And for facebook with billions of users, I believe that Libra will reduce the dominance of bitcoin in this market. It is very likely that Libra will make it to the top 10 in coinmarket after its launch, and in the future it will compete strongly with bitcoin

I don't think so, although facebook is a giant with an awful number of users around the world but producing a crypto product is another area of theirs, I do not believe people will still support libra coin, only some people invest in libra when they are partners and investors are looking at the potential of libra. Bitcoin as a currency was launched early and formed dominance on crypto, libra coin will not create too much turbulence for bitcoin, I even suspect that libra coin won't be officially listed on coinmarketcap when people probably feel insecure with a bit of government presence.

BestCryptoYear2020

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We will wait and watch in new year, what's the progress of libra coin, when it can be available for public finally.

bitcampaign

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Quote from: BestCryptoYear2020 on December 28, 2019, 10:07:21 AM

In case libra coin will get approval from US Securities,
Will it dominate the cryptocurrency market?
Currently Bitcoin has dominance of 68% in the market.
Will Libra coin reduce the dominance of Bitcoin market?

Do you think libra will be listed on coinmarketcap, if they are registered there I find it difficult to replace bitcoin dominating other crypto prices, libra needs development and it takes a lot of time to get adopted, although indirectly if libra is applied to facebook, instagram and whatsapp they will get more users, but it seems like it takes time to get their users to be able to use libra in their applications and wallets, nobody knows what happens later

Free1bitco.in

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Quote from: BestCryptoYear2020 on December 28, 2019, 10:07:21 AM

In case libra coin will get approval from US Securities,
Will it dominate the cryptocurrency market?
Currently Bitcoin has dominance of 68% in the market.
Will Libra coin reduce the dominance of Bitcoin market?

Facebook is one of the biggest social media, and until now the user is the most. besides that facebook also has so many business users, and if they use libra continuously, it can dominate the market. for example, currently, USDT has the largest volume despite a lot of negative news from it. When Libra enters the crypto market, and Facebook users use it, of course, it will dominate.
at this time so many entrepreneurs who refuse the use of bitcoin, but I think not with libra.

desticy

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There is already a dominant stable coin on the market called Tether. In order for Libra to take its place, it is necessary to at least compromise the project representing Tether, otherwise Libra will share the market part with the rest of the stable coins.Do not forget that the libra is a stable coin, which means that investing in it based on growth does not make sense.

ashmodeus

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lets imagine libra will same like Perfect Money USD or another Electric money like that and you will know Libra have no chance against Bitcoin. I've told people to all Libra thread about posibilty Libra overtake Bitcoin market is zero but they still ignoring, just see on coindesk magazine , search about Libra and u will know Libra just stable coin .

danherbias07

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Quote from: masterrex on December 28, 2019, 10:28:33 AM

Quote from: BestCryptoYear2020 on December 28, 2019, 10:07:21 AM

In case libra coin will get approval from US Securities,
Will it dominate the cryptocurrency market?
Currently Bitcoin has dominance of 68% in the market.
Will Libra coin reduce the dominance of Bitcoin market?

No its not going to happen, in case that facebook cryptocurrency libra was successfully launched and already in used, in my humble opinion I think "it cannot dominate the bitcoin market" because libra was design to be a stablecoin meaning it will not fluctuate much like bitcoin does since it was pegged by US dollar in that case i'm sure it will not catch or surpass the bitcoin price and market dominance for the mean time.

Correct. And they will not let it have trillions of dollars as their max cap.
It might go like $10 billion only in circulation. So, it's market cap wont reach the number which bitcoin have by now.

Let us also go thru trust issues.
The news about Libra coin being not approved had gone viral already.
So, before people even buy it there will always be that doubt.

karanggatak

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yes maybe in terms of the use of libra coins will rival bitcoin because libra is a stable coin and the purpose of creating libra is to facilitate us in making transactions without the need to have a bank account. and currently Facebook already has many user accounts throughout the world. so it will not be difficult for Facebook to promote libra.
but I believe bitcoin cannot be defeated by libra in terms of investment and trade. in general bitcoin will continue to dominate the crypto market.

gwaposakon

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Quote from: BestCryptoYear2020 on December 28, 2019, 10:07:21 AM

In case libra coin will get approval from US Securities,
Will it dominate the cryptocurrency market?
Currently Bitcoin has dominance of 68% in the market.
Will Libra coin reduce the dominance of Bitcoin market?

There are many speculations about the market share of Libra once it hits the market. It is backed by one of the most influential social networking platforms so it is bold to say that it might challenge the dominance of bitcoin in the market. But all of that is just speculations. There is still a possibility that it might not also live up to the hype. I am just waiting for how it turns out. Any, whatever happens to Libra is still a step forward for the blockchain technology.

Sithara007

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Perhaps time has come to end this debate about Libra. It is now almost confirmed that the project is cancelled. Yesterday, there was a statement from the Swiss President and Finance Minister Ueli Maurer regarding Libra. He was saying that the project has failed. You can find the details here:

https://www.business-standard.com/article/international/facebook-s-libra-cryptocurrency-has-failed-says-switzerland-s-president-119122800331_1.html

And after the meeting organized by the Libra team three months back (in Geneva), there has been no further movement on this subject. The other partners are also looking to pull out.

killerfrost

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Quote from: BestCryptoYear2020 on December 28, 2019, 10:07:21 AM

In case libra coin will get approval from US Securities,
Will it dominate the cryptocurrency market?
Currently Bitcoin has dominance of 68% in the market.
Will Libra coin reduce the dominance of Bitcoin market?

If Libra is accepted by the US government, it will be a great signal for this market. And for facebook with billions of users, I believe that Libra will reduce the dominance of bitcoin in this market. It is very likely that Libra will make it to the top 10 in coinmarket after its launch, and in the future it will compete strongly with bitcoin

robelneo

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Quote from: BestCryptoYear2020 on December 28, 2019, 10:07:21 AM

In case libra coin will get approval from US Securities,
Will it dominate the cryptocurrency market?
Currently Bitcoin has dominance of 68% in the market.
Will Libra coin reduce the dominance of Bitcoin market?

It's just a speculation, we all know supporters of any project are going to speculate so they can generate support, and Libra coin being a product of the internet giant there are going to be a lot of supporters, we want to be associated or supports coming from big companies because of the profit that it can drive to investors, so expect a lot more before it launch.

barabarian1

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if next year libra will be released and can enter the exchange it will not be able to compete with bitcoin. because we know libra is a stable coin that is completely controlled by facebook. maybe libra will be widely used for payment tools but in terms of investment and the dominance of bitcoin will still be number one. people like bitcoin because the fluctuation can provide benefits. and bitcoin has survived on the crypto market for 10 years. so I think bitcoin will not be defeated by libra coins.

DosManos

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Quote from: BestCryptoYear2020 on December 28, 2019, 10:07:21 AM

In case libra coin will get approval from US Securities,
Will it dominate the cryptocurrency market?
Currently Bitcoin has dominance of 68% in the market.
Will Libra coin reduce the dominance of Bitcoin market?

well if libra will have few billion dollars market cap at launch out of the blue, it will make bitcoin dominance go down by precentage
but it does not really mean much.. just mathematics

the rise

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Quote from: airdnasxela on December 29, 2019, 08:12:41 AM

Right now, what only Libra has is the name since it is backed with famous companies. But since it hasn't been launched and approved yet, we still don't know what to expect in its performance. But I think it'll be a hot topic for days after launching it but it won't reach the point that it will after bitcoin's dominance in the market. Bitcoin will still remain as is because they are different so we don't have to worry about how it'll going to affect Bitcoin.

Libra could have done a massive step by adjusting the volume, but on the contrary would further strengthen bitcoin from daily conversions as has been done by other stable coins. the steps to approve libra are still long because the government's reaction still shows disagreement. Facebook itself seems to move slower with libra after facing a previous congress.

alphaboon

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I think it will be dead even if it comes out. The politicians are dead set against it. I guess most investors will not want to be in the bad books of the POTUS

crzy

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Quote from: BestCryptoYear2020 on December 28, 2019, 10:07:21 AM

In case libra coin will get approval from US Securities,
Will it dominate the cryptocurrency market?
Currently Bitcoin has dominance of 68% in the market.
Will Libra coin reduce the dominance of Bitcoin market?

I believe on bitcoin but Libra coin is a big threat for altcoins especially if it gets the support of the government and I see its success in 2020. There are so much good news for 2020, we should welcome it and let’s hope that every government will support any progress regarding to cryptocurrency and no more politics.

Sendi blackspade team

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Quote from: ganeshramk on December 29, 2019, 10:16:30 AM

I dont think that Libra will domninate the bitcoin market as it is meant to be a stable coin. Stable coin and crypto movement does not go well to make it bigger in the market.

like trading with a USDT pair I think libra can take an important role in the market. It does not dominate the bitcoin market trading but it would be better to trade with altcoin or other assets. except libra is only made for their community. then it will not affect the bitcoin market at all.

ganeshramk

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I dont think that Libra will domninate the bitcoin market as it is meant to be a stable coin. Stable coin and crypto movement does not go well to make it bigger in the market.

TastyChillySauce00

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even if it does dominate the crypto market it will just add yet another flow of capital to the whole crypto market because Libra is just another stablecoin and won't affect bitcoin that much. They are just taking advantage of the blockchain technology and make it seems like a crypto. They'll just become other method for people to buy bitcoin or vice versa, it's just literally that.

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