What's bitcoin worst case scenario if Libra will be successful? - page 7.

partysaurus

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Quote from: jonathan6655321 on June 26, 2019, 07:33:29 AM

I heard people saying it won't affect bitcoin at all, and others say it might destroy it

I wonder what's your opinion about it?

What can be the worst case when it comes to Libra and Bitcoin?

think nothing can destroy bitcoin completly , but lets say that libra becomes realy hyped alot of the investors that are just into btc to make a quick buck will jump ship and the overall btc volume would take a big hit. but i dont think libra going to become bigger from a investment perspectiv they are so diffrent and doing diffrent things.

sunsilk

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Quote from: jonathan6655321 on June 26, 2019, 07:33:29 AM

I heard people saying it won't affect bitcoin at all, and others say it might destroy it

I wonder what's your opinion about it?

People are too hyping Libra because it came from facebook. But what if this coin came from an unknown company, does it make sense? because it came from facebook many are already exaggerated with their expectation.

Quote from: jonathan6655321 on June 26, 2019, 07:33:29 AM

What can be the worst case when it comes to Libra and Bitcoin?

The worst scenario that can happen has been mentioned by these two:

Quote from: HeRetiK on June 26, 2019, 07:52:09 AM

The worst case would be people giving up their last shred of privacy and financial sovereignty in favour of whatever Libra's value proposition is.

Quote from: dothebeats on June 26, 2019, 02:32:08 PM

What I'm more worried about is actually people getting in their private info in exchange of Libra, and repeating the numerous data leak bitcoin has found itself in the previous years.

eaLiTy

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Quote from: bitvalak on June 26, 2019, 02:44:01 PM

Whether it is realized or not, the existence of Libra will increase the popularity of bitcoin and make large investors inevitably also participate in monitoring the development of cryptocurrency, especially Bitcoin. Indirectly Libra has made a good impact on Bitcoin for free

All the big financial institutions are aware of the bitcoin market and the profit margin it can give than the rest of the financial markets and it is not a hidden truth anymore, the arrival of a central coin like Libra might attract people who are not interested in the market till this time and i highly doubt whether these people will get attracted by a decentralized coin like bitcoin and by the time the coin is released the price of bitcoin could very well cross $20000 and those huge valuation might not attract the common citizens to view bitcoin as an investment platform either.

bitvalak

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Whether it is realized or not, the existence of Libra will increase the popularity of bitcoin and make large investors inevitably also participate in monitoring the development of cryptocurrency, especially Bitcoin. Indirectly Libra has made a good impact on Bitcoin for free

dothebeats

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For bitcoin? I don't think there is one, really. Libra would get a fair share of the market but not so much that it could make bitcoin crumble. What I'm more worried about is actually people getting in their private info in exchange of Libra, and repeating the numerous data leak bitcoin has found itself in the previous years. This isn't about the market share anymore but rather another ominous attempt by big corporations to trap people into their masked intentions for the public.

tomahawk9

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Worst case scenario: Libra becomes the #1 alternative payment method worldwide, big companies (Amazon, Starbucks, Ebay, etc) will be against accepting any other cryptocurrency as a payment option meaning that the "adoption phase" that most bitcoiners and crypto users want to see in the future will most likely not happen.

I'd say chances of this actually happening are not that high, I feel like at some point in the future, a big portion of the general public will get tired of these big corporations and bankers "controlling" their wealth and keeping track of every transaction they make, so one way or another, they're gonna start looking for a decentralized option to keep their money safe from the system.

||bit

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I think libra would be successful and their owners earn a lot of money but at the end, people would look for something cheaper and decentralized and crypto will come aid. It is not a threat to crypto, i think it is an opportunity.

ðºÞæ

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Facebook’s Libra – To trap low income and unbanked users in a system filled with high fees and pitfalls.
http://theculturechronicles.com/index.php/2019/06/26/the-real-reason-behind-facebooks-libra-to-trap-low-income-and-unbanked-users-in-a-system-filled-with-high-fees-and-pitfalls/
Nothing new

Rufsilf

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I think it will have positive effect rather than bad because with Libra launching it will help to increase the number of people that will know bitcoin as well and probably someone will invest in bitcoins hence it will increase the demand. Bitcoin and Libra are very different with each other thus I don't think Libra will be able to make bitcoin disappear.

mindrust

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Libra and Bitcoin targets different audiences.

Libra will indeed reach many people. Maybe more than bitcoin ever will but all these will only increase bitcoin's popularity in the end of the day.

People who store their wealth in bitcoin are running away from the companies like Facebook, Visa, Mc, BoA etc... I don't think think libra will be able to gain those people.

tenstois

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i dont think libra will destroy bitcoin as we can see now libra is the reason why the price pumping and i think no cryptocurrency will ever destroy bitcoin as it is more popular and more often used in crpyto world and one of the reason why many cryptocurrency is popping anywhere

ðºÞæ

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Libra is a stablecoin.
What can be said of a stablecoin, well its stable. (pegged to fiat - inflationary)
For 1 Dollar worth of stablecoin someone gets a Dollar worth of xyz stablecoin minus transaction fee.
Changing it back someone will get 1 Dollar minus fees.
The only difference with Libra its pegged to several fiats not just USD by looks of things.

Every large company will have its own stablecoin/token even celebs,

Stablecoins are coming, Libra is one, so is JPMorgans coin and a shit ton of others, like
https://www.coindesk.com/switzerlands-six-stock-exchange-is-working-on-a-swiss-franc-stablecoin

HeRetiK

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The worst case would be people giving up their last shred of privacy and financial sovereignty in favour of whatever Libra's value proposition is.

If Libra really takes over what happens to Bitcoin is the least of my concern TBH.

I have my doubts that Libra will get far though as I don't see its appeal. Then again I don't see Instagram's appeal either so I might just be out of touch.

jonathan6655321

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I heard people saying it won't affect bitcoin at all, and others say it might destroy it

I wonder what's your opinion about it?

What can be the worst case when it comes to Libra and Bitcoin?

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