Topic: When Bitcoin fails - what is Plan B? - page 5. (Read 6526 times)

You should define by what does fail mean?
Bitcoin is a technology, if the price is at 100$, even then it is a great technology. You want to send money abroad, do instant buy then sell. you won't be losing money that ways.
But if failure means, drop in price, then it is already a failure, but only people invested in it for the cost will see it as a failure.

There is always a "Plan BTC":
https://www.youtube.com/watch?v=cqSz3iK-Oq0

If bitcoin failed, I believe most other if not all other alts would come with it.

I don't see it failing though. As said it will always serve a purpose. I didn't invest much into this whole thing, if it crashed and crashed hard, I'll take it as a small loss. If it maintains, I'll take it as a small gain. If bitcoin does take off but drop in value, I think that would be a positive. It would be more affordable and also boot out the industrial level mining farms. It must be a taper down though not just a sudden crash.

Plan B? Chuck the asics in the bin.

I like what the other member said above, essentially invest small, make small or lose small.

When?

Paycoin

My Plan B is invest in stocks
And i will do it IF bitcoin fail

And if bitcoin fail, another altcoin already fail too

I have no idea.
Maybe altcoin?

There is no plan B.

The thread title should be "If BitCoin fails"... as it is it's too definite. 

But yeah, people should always have a contingency plan

It somewhat does rely on the exchange rate because so much has been invested in mining equipment that it would be turned off (causing the network to become less secure) if the exchange rate were to decline too much for too long of a time. Even if the exchange rate would later rebound miners would be less willing to invest in new equipment which would decrease the long term security of the bitcoin network

Bitpay made an interesting comment back in February 2013 --

https://bitcointalksearch.org/topic/is-competition-healthy-for-bitcoin-140906 (quoted below)

Yes, competition is good.  The Bitcoin community should work hard at making Bitcoin as good as it can be to ensure the network effect takes hold and makes it as difficult as possible for an alt-coin to gain market share.  This doesn't mean that an alt-coin would ultimately have to cease to exist, it just means that Bitcoin should capture the bulk of the new adopters of digital currencies such that Bitcoin enjoys a better growth rate (and hence, appreciation in value) than these competitors.  The altcoins could still exist and serve some niche markets.


Is it likely bitpay etc. could offer checkout in any alt-coin of choice?

Yes, but not in the way you think.  Here's some insight into our thought process on this question: Bitcoin is currently the most secure method of electronic payment on the planet.  The network of miners is what provides that security and today it vastly exceeds that of any altcoin.  Bitpay will use the most secure and private payment method available for the actual transaction.  But that doesn't mean you couldn't use Litecoin, you just need a wallet that can automatically exchange Litecoin for Bitcoin just prior to a transaction. Should something disastrous happen with Bitcoin and Litecoin became the most secure method of payment, we would transition to using Litecoin for the payment mechanism (and then you would need to exchange your Bitcoins for Litecoins just prior to conducting the transaction).

So, when I think about Litecoin (and the other alt coins), I think of it in terms of:
- providing that competitive pressure to Bitcoin that you allude to
- being a contingency solution should something disastrous happen to Bitcoin
- being of some utility for people that might like to have transactions that aren't visible on the Bitcoin blockchain

I third that , haha
Probably this will never happen , Bitcoin can't simply & completly get shutdown unless all the countries work together to block it which will never happens so yeah . It can't fail unless people drop it & let it go when they see that the price dropped a little .

There will be another digital currency, I think the last years have proven there is a need for it, hard to say if bitcoin will provide for that need. We've switched types of currencies in the past often enough.

Move on to a different coin 

Wasn't Litecoin intended to serve as a backup for Bitcoin in case the latter fails?

Then again, if Bitcoin fails then I'm sure Litecoin will too.

Zombies.

plan b is the B coin, unless you want to go back to fiat.

Ah, bad to think about.  Back to the cave I found for the occasion upon which I become poor.   

Lol. Win. 

My "Plan B" is to continue to hold on to it. If it drops too low, I definitely won't even consider selling at a loss. If it point to possible bitcoin infrastructure suffering massive total breakdown, no way I will further buy into it. Seriously I doubt if that is ever Plan B. That is why I never put all my money into something which I can't afford to lose. I rather go with the "lower risk and lower gain" approach.