Will Libra Coin bring Down Bitcoin's dominance

iphone5s

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Quote from: vanya.pronin.1983 on November 05, 2019, 03:49:50 PM

I believe that as soon as Libra will enter the market, millions of people would invest in this coin, not only because it is a good crypto currency, but because this coin is backed by famous companies and big investors.

If this project is supported by famous and great people, Why do they still need time to make these tokens well in the future. Their movements should be very fast to see the results of the steps they have done. Everyone can't wait for that.

chaoscoinz

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Libra could definitely shake some things up but I really doubt it would hinder cryptocurrency in anyway. By Intergrating a stable coin based cryptocurrency on to its platform, a mass adoption of cryptocurrencies might occur. All of these new people who have never before knew or rather experienced what Blockchain is or how Bitcoin works, could now potentially be educated on a large scale being that Facebook and it's partnerships like Instagram and WhatsApp altogether reach a generally global audience.
If Libra is currently being scrutinized by Congress, it's a good and a bad thing. It raises the awareness of crypto going mainstream but at the same time puts a lot of regulatory pressure on the scene being institutional investors are getting involved.

albrots

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Bitcoin and Libra cannot be compared because these two coins have different correlations. Libra is a centralized digital currency whose value is based on basic assets. Decreasing bitcoin dominance can also be caused by Libra when Libra wants to launch later. Investors will sell bitcoin and buy libra. This decrease in dominance will have an impact on the price of bitcoin and the price of altcoin.

rodel caling

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Quote from: coin-investor on October 01, 2019, 07:37:15 AM

I would like to play devil's advocate
From this article I read

Quote

“Unlike the volatility seen around other cryptocurrency’s in the past, we believe that Libra’s focus on creating a stable, low inflation currency backed by a reserve or real assets is a differentiator. Further, unlike other stablecoins, Libra will not be pegged to one currency but instead a basket of assets ranging from bank deposits to short-term government securities.”

https://www.cnbc.com/2019/06/18/the-difference-between-bitcoin-and-facebooks-libra.html

Will Libra Coin bring Down Bitcoin's dominance in the market, your thought?

Nope I didn't beleive that speculation we ahould know that libra is powerful coins in the future because the support the facebook company the devs of the new expensive coins in the duture.
But I still strongly believe nobody can overtake for bitcoin as king of crypto, bitcoin and libra are have own indentity as virtual currency.

desticy

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A libra can affect the dominance of bitcoin only if new money enters the market that Facebook users will use to interact with Libra.
Then the market itself will expand, and domination will decrease.

Probably someone will exchange part of the altcoins and stablecoins for Libra, because it can be used as a universal means of payment and as a stable coin.

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Quote from: vanya.pronin.1983 on November 05, 2019, 03:49:50 PM

I believe that as soon as Libra will enter the market, millions of people would invest in this coin, not only because it is a good crypto currency, but because this coin is backed by famous companies and big investors.

Forget about people investing into Libra even Tha major investors are already making withdrawal from this project due to Facebook having a hard time dealing with the government regulation and their backlash.
Libra is basically got stuck right now and even mark is saying that he will not confront the government if they refuse to approve the project meaning Libra fate is at the hand of the US government.

deathcode

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Quote from: bryant.coleman on November 07, 2019, 10:34:20 AM

Quote from: vanya.pronin.1983 on November 05, 2019, 03:49:50 PM

I believe that as soon as Libra will enter the market, millions of people would invest in this coin, not only because it is a good crypto currency, but because this coin is backed by famous companies and big investors.

Well... that is a no-brainer. Facebook has such a big user-base (around 2 billion users, almost 20 times the number of active cryptocurrency users), and it is being regarded as one of the largest corporations out there. When they get involved in innovative technology such as cryptocurrency, not just the individuals, but also the whales and the hedge funds may get interested in it.

But then the big question is whether Libra will be realized or not. The American lawmakers have made it clear that they don't support a USD-backed cryptocurrency and it has found few supporters among the banks and investment funds. Even the starting partners such as Paypal, Visa and Master have made it clear that they are no longer involved in the project.

that's what everyone has been waiting for. when libra enters the crypto market and starts to trade will there be an influence on the adoption of crypto in the market or not? the effect on bitcoin is unlikely to be too big, but if it succeeds in driving large numbers of adoptions there will be a surge in the market. maybe that will affect some other stable asset trading. if the market from Libra can immediately strengthen with the encouragement of large companies that support it.

bryant.coleman

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Quote from: vanya.pronin.1983 on November 05, 2019, 03:49:50 PM

I believe that as soon as Libra will enter the market, millions of people would invest in this coin, not only because it is a good crypto currency, but because this coin is backed by famous companies and big investors.

Well... that is a no-brainer. Facebook has such a big user-base (around 2 billion users, almost 20 times the number of active cryptocurrency users), and it is being regarded as one of the largest corporations out there. When they get involved in innovative technology such as cryptocurrency, not just the individuals, but also the whales and the hedge funds may get interested in it.

But then the big question is whether Libra will be realized or not. The American lawmakers have made it clear that they don't support a USD-backed cryptocurrency and it has found few supporters among the banks and investment funds. Even the starting partners such as Paypal, Visa and Master have made it clear that they are no longer involved in the project.

perfect999

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Quote from: nxnqauff on November 03, 2019, 12:55:53 PM

To get down the dominance of BTC by any cryptocurrency will take decades. Libra might be just one among them. Honestly, I don't even have good hope on the Libra project and coin. We have to just wait and see.

I don’t think that there is anything to really wait and see, I don’t see Libra coin going anywhere because they are already having a strong opposition from government and I will say that this is indeed one of the projects that I have seen government really come hard on, and the funny thing is that they are not even coming hard on bitcoin or seeing bitcoin as a treat as much as they see Facebook coin.

For regulation, I don’t think they will get any because the government is still not very much satisfied with the reason that Facebook is giving for wanting to introduce the Libra coin, and I personally also so not see much need for the coin, I am only seeing Facebook releasing the coin just because they want to stay relevant and because they want to take advantage of the number of users that they have.

Barbut

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Quote from: ATSgrowth on November 04, 2019, 10:06:02 AM

Quote from: Barbut on November 04, 2019, 07:30:43 AM

Quote from: CryptoInsights on November 04, 2019, 06:48:00 AM

Libra is a centralised currency and Bitcoin is a decentralised there is no comparison between the both. Thus, Libra can not cross BTC.

I don't know who push these topics about Libra coin. Every once in a while I see something about Libra, some people give them too many credits, and I'm not sure that Facebook as a company deserves that. I think like you my friend, Libra can't even be compared with Bitcoin, to not talk much further about that.

You are talking about decentralization, but show me one altcoin that is not centralized in some way? Ethereum has CEO, Litecoin has CEO and so on. Teams of these altcoins own more cryptocurrencies, more power than rest of users.. There is probably only one altcoin that is truly decentralized - Grin due to its same history like BTC, we do not know who creates it. Cool

Digibyte! Check it out digibyte and their awesome community. Digibyte has no CEO! Nice tweet from them https://twitter.com/DigiByteCoin/status/1191587403154231296
"Breaking news! #DigiByte will never “burn” 55% of all $DGB. As a truly #decentralized #blockchain that’s not even possible."
You asked for at least one altcoin, I expect to hear some answer from you.

vanya.pronin.1983

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I believe that as soon as Libra will enter the market, millions of people would invest in this coin, not only because it is a good crypto currency, but because this coin is backed by famous companies and big investors.

supercanada1

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Quote from: TastyChillySauce00 on November 04, 2019, 11:26:16 AM

Quote from: Ludmilla_rose1995 on November 04, 2019, 10:46:49 AM

Until now, there has never been a stable coin that can reduce the dominance of bitcoin. Libra is just a centralized digital coin that has a different target market than bitcoin. Even for a very long time.

it looks like you must learn again about what was the real purpose of stable coin. The creator of stable coin is seeing an opportunity to provide a coin with stable value to give more advantages to the traders to secure their money and this has no relationship for the stable coin to steal the domination that has already created by bitcoin.
Stable coin will never bring down the bitcoin dominance and it has another purpose.

But there is dark side of everything. Just because this was the reason that was told by the creator of stable coin does not mean it was the real intention too. Honestly, there is not a single digital currency that has not tried to take place of bitcoin. What makes you think that Libra is different. It can never ever dominate bitcoin whether it want or not. Secondly, our money is far secure with bitcoin.

lousie9

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what I know from the beginning of bitcoin emerged until now there is no altcoin or cryptoqurrency that can reduce the dominance of the bitcoin market. So, the conclusion is that I personally do not believe that Facebook Coins are present in this industry and can reduce the dominance of the Bitcoin market. I still believe bitcoin will always dominate the cryptoqurrency market.

Annexia

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Quote from: coin-investor on October 01, 2019, 07:37:15 AM

I would like to play devil's advocate
From this article I read

Quote

“Unlike the volatility seen around other cryptocurrency’s in the past, we believe that Libra’s focus on creating a stable, low inflation currency backed by a reserve or real assets is a differentiator. Further, unlike other stablecoins, Libra will not be pegged to one currency but instead a basket of assets ranging from bank deposits to short-term government securities.”

https://www.cnbc.com/2019/06/18/the-difference-between-bitcoin-and-facebooks-libra.html

Will Libra Coin bring Down Bitcoin's dominance in the market, your thought?

This is just like asking if "a cat can put down a lion". Libra can not and never near Bitcoin's dominance, adoption and acceptance. Bitcoin remains the #1 cryptocurrency. So please let's stop the comparisons between Bitcoin and Libra. You may compare Libra with some sort of alts but not with bitcoin.

TastyChillySauce00

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Quote from: Ludmilla_rose1995 on November 04, 2019, 10:46:49 AM

Until now, there has never been a stable coin that can reduce the dominance of bitcoin. Libra is just a centralized digital coin that has a different target market than bitcoin. Even for a very long time.

it looks like you must learn again about what was the real purpose of stable coin. The creator of stable coin is seeing an opportunity to provide a coin with stable value to give more advantages to the traders to secure their money and this has no relationship for the stable coin to steal the domination that has already created by bitcoin.
Stable coin will never bring down the bitcoin dominance and it has another purpose.

TaliskerDarkStorm

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That's the shortest joke I've ever heard.

The domination of Bitcoin cannot be beaten either now or never. Libra can't even rival Bitcoin. Libra cannot also compete with the top 5 cryptocurrencies.

I think some people are trying to shill the Libra project for no reason, but it will never happen.

CosimoRob

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Seems to me that Bitcoin is primarily being used as a store of value, while Libra is being designed to be a transactional currency thats pegged. These are 2 entirely different use cases. it's like comparing apples and oranges.

Ludmilla_rose1995

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Until now, there has never been a stable coin that can reduce the dominance of bitcoin. Libra is just a centralized digital coin that has a different target market than bitcoin. Even for a very long time.

wajik-tempe

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Quote from: rmhuntley on November 04, 2019, 10:33:44 AM

Many of the issues circulated that Libra claimed to be able to Saingi the Crypto King Pamor is Bitcoin. As Libra is considered a lot of excellence in its technology is : Libra will have a digital wallet, This Facebook Libra digital currency will also have a digital wallet. So, for any user or trader will be able to use Calibra to send, receive and save Libra easily. Libra digital wallet will be available as a standalone application on your phone or smartphone and you can connect with the Facebook Messenger application and also with WhatsApp Messaging.

I think no company owned cryptocurrency can beat the dominating of bitcoin as a decentralized coins. People are more likely to invest on bitcoin because it's already famous and mainstream in the world. Libra need something special to blow up to promote their coin and make investors interest to the project, but lately libra has many bad news and many parnetship of libra are leaving that means indicate something wrong with the project

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Many of the issues circulated that Libra claimed to be able to Saingi the Crypto King Pamor is Bitcoin. As Libra is considered a lot of excellence in its technology is : Libra will have a digital wallet, This Facebook Libra digital currency will also have a digital wallet. So, for any user or trader will be able to use Calibra to send, receive and save Libra easily. Libra digital wallet will be available as a standalone application on your phone or smartphone and you can connect with the Facebook Messenger application and also with WhatsApp Messaging.

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