Hello everyone so now i want to share a very good information with that the facebook community says the the price of facebook will be stable like a USD so its mean that there is no threat for bitcoin because all investors want that they gain more profit in short time that is why they invest their money in bitcoin because the btc price is fluctuated and for good investment need the unstable price.
I don't think that even their intentions was to compete with BTC in the first place.
The fact that they are structured much more like a centralised stablecoin means that they essentially acknowledge the fact that they won't go into the decentralised market (probably due to regulation as well), and that their primary competitors will be traditional banking institutions, as well as the issuers of existing stablecoins.
This is why you see articles that state concern about Libra's legality, because a lot of people in the banking industry is concerned with the competition that it brings.
But even if it's not a direct competitor of bitcoin, should it be used? No. It is very easy for them to base their currency off fractional reserve, and in which case, it'll be no different to traditional bank deposits except they may be subject to even less reserve regulation.