Is libra coin going to dominate the Bitcoin market? - page 2.

pakhitheboss

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Quote from: BestCryptoYear2020 on December 28, 2019, 11:07:21 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 will be another alt coin that will be controlled by a centralized entity. I do not think there will be a big change if libra is able to get the required approval from US securities. It will add a little bit more value to existing market.

BeManga

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Quote from: BestCryptoYear2020 on December 28, 2019, 11:07:21 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 think it's impossible for libra to dominate the market
it can only reduce a small amount same like other altcoins and not that high to dominate bitcoin

Obito

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Quote from: BestCryptoYear2020 on December 28, 2019, 11:07:21 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 could possibly be. But popularity isn't all about the dominace it is about the essence of the coin itself to the community specially to the user who uses particular platform in which it work. It is not like because Facebook is really popular it doesn't mean that their coin would get the hyped as well. But anyway, let us just wait till libra get approved and let's do the talk later on.

yehestielsiburian

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Libra will not be able to compete with bitcoin.

Will it dominate the cryptocurrency market?
Talking about the cryptocurrency market, it could happen, to become the TOP 10 maybe Libra would be disturbed. But for rivaling Bitcoin in the market it will not happen. Bitcoin number one.

ashmodeus

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I told you, it's just a stable coin, I mean how stable assets stand far from good investments like bitcoin, eth, even NANO.
for another reason, i guess libra coin will take over USDT marketplace rather than bitcoin marketplace.

airdnasxela

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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.

mrdeposit

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Quote from: joinfree on December 29, 2019, 06:30:09 AM

Impossible! Huh

...Why?

1. A shit centralized coin that goes against every idea of decentralization.
2. A coin which has not yet been launched and very likely will not been launched unless in their own selfish dreams and wishes.
3. A coin which is being developed by someone who has one of the poorest security mechanisms despite his reach in the technological industry.
4. Not even a crypto noob will buy into this idea.

i will definitely get boring if i should keep on because it's going to be a long list but you are all welcome to add more! RIP Libra Coin even before its birth lmao

Bitcoin will still maintain its place for many years. There are tens of thousands of altcoins in this industry like the libra, among them there are more advanced ones than Bitcoin, but none of them has taken its place and will not take many years. Bitcoin is already the root of the tree, and if anybody touches it, it will decay.

oktana

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will only compete with usdt, and will not be better than that.

volume is also very much related to traded exchanges, if only concentrated in 1-2 markets it will not bring change even though they have very many users. Then libra will face many regulations that will prevent them from moving faster. Approval from US Securities will only bring more waves of speculation towards bitcoin.

jazmuzika217

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In my own opinion, Libra can't do to dominate the bitcoin market or even the left percentage from crypto market because all we know that libra already faced in different issue upon launching so as a crypto investor and trader I will stay away to the coin or project that have a big possibility to engage in another huge problem in the near future.

joinfree

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Impossible! Huh

...Why?

1. A shit centralized coin that goes against every idea of decentralization.
2. A coin which has not yet been launched and very likely will not been launched unless in their own selfish dreams and wishes.
3. A coin which is being developed by someone who has one of the poorest security mechanisms despite his reach in the technological industry.
4. Not even a crypto noob will buy into this idea.

i will definitely get boring if i should keep on because it's going to be a long list but you are all welcome to add more! RIP Libra Coin even before its birth lmao

inanilujimi

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I don't think libra is possible to reduce the dominance of bitcoin in the crypto market, they just have difficulty getting approval from US Securities ,,
So don't overdo it.
How coin a stable join dominate the market? Remember people like this market because of its fluctuating nature.

ecnalubma

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Quote from: BestCryptoYear2020 on December 28, 2019, 11:07:21 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, Crypto enthusiasts won’t use Libra because it will be a boring coin because its stablecoin. I don’t think that it will outperform other crypto as well, it will be like a paypal 2.0 for new generation but investors won’t buy bunch of it.

MMysterious

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Bear season or just the beginning

I am not too sure but Libra has the potential to become a currency for billions of people. Facebook is bigger than a country, maybe even bigger than China? And Facebook's trading market is ever growing, even surpassing Youtube on its first year. Libra can kill or diminish the US dollar. The thing with Libra is it has the support of the largest financing firms all over the world, some of them backed out but in reality they still wanted to become part of it and if not for the US government threatening them. Libra is also a stable currency based on US dollar. Zuckerberg is actually giving the US some kind of a favor. The US needs to address this carefully because if not, someone will do this. Telegram's founder is another potential.

fuer44

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on a usage basis, maybe yes. because if it is true that libra is made with a value equivalent to the dollar then the value is stable, chances are that people who will make online transactions will switch to libra and bitcoin will lose their users as online transactions. rather than paypal, ebay or others, chances are libra will be a favorite choice.

shiming

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It seems they are currently planning to use it inside Facebook. Recently, their crypto projects have been highly valued by the government, which attaches great importance to the implementation of cryptocurrencies. I don't know if it will be affected by Chinese reasons. Libra is different from Bitcoin. I don't think it's comparable. Even if Libra is launched. It is also a stablecoin. The definitions are different. Thank you.

Xxmodded

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Quote from: BestCryptoYear2020 on December 28, 2019, 11:07:21 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?

Bitcoin have been king for all altcoin and never have new coin although stronger like Libra become competitor for bitcoin, for Libra still claimed an illegal coin transaction now because United State government not giving space for Libra become legal transaction there and keep not get permission from government until now.

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Quote from: BestCryptoYear2020 on December 28, 2019, 11:07:21 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?

How can it dominate when it is not even consider a crypto currency in the first place? So the argument is flawed in the beginning. And as far as I know, they wanted to compete in the remittance services, so most likely XRP will be their main competitor and not Bitcoin per se.

With that said, there could be effect on Bitcoin but I doubt that it will challenge the dominance of BTC here. Two different market and Libra should be considered as token and not crypto.

Jamalkm74

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Quote from: BestCryptoYear2020 on December 28, 2019, 11:07:21 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 Don't think so it’s happen, if USA approve it then It's just stable coin like USDT, Can't possible to dominate Bitcoin market, but i think people are waiting for invest in libra coin just because of USA coin, so now need to wait for approval.

Shasha80

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If the Libra coin is successfully approved by the American government, it will launch into the cryptocurrency market. It cannot dominate
market as well as bitcoin. The reason libra coin is stable coins, the price is the same as the US Dollar. Very different from bitcoin the price
fluctuates depending on supply and demand. How can we make a profit if the price is stable at $ 1. Why bitcoin arrived can dominate the
market, not only because it's popular. But bitcoin prices are volatility, which means it can change quite quickly and drastically. This is what
makes bitcoin interested by investors, because it can generate profits in a relatively short time.

senin

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Even if Libra is released, which I doubt very much, this is just one of many stable coins. Stable coins can compete with cryptocurrency only as a means of payment. However, a decentralized cryptocurrency has many other functions that do not perform stable coins. In addition, the Libra coin will no longer be able to fulfill the role of a global coin, as it was originally intended. I think that stable coins of the European Union, the USA and even China will have more popularity than Libra.

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