When Bitcoin fails - what is Plan B?

[Madness]

I see 0% chance of total system shutdown.  There may be a period of time when value is transferred out of bitcoin to something else as that something else rises.

I second that.
The only way for bitcoin to fail is if something else takes its place. There is a need for what bitcoin has to offer, it serves its purpose.
 

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 .

[Mjbmonetarymetals]

Bitpay made an interesting comment back in February 2013 --

https://bitcointalk.org/index.php?topic=140906.0 (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

[needFREElunch]

This thread got me think:
https://bitcointalk.org/index.php?topic=912190.0
what's Plan B in case bitcoin suffers total failure?

The success or failure of Bitcoin does not depend on the exchange rate. Why can't people understand that?

Anyway, there is no Plan B because Bitcoin was not designed and created as a means to achieve a specific goal.

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

[AnonBitCoiner]

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

But yeah, people should always have a contingency plan

[Agestorzrxx]

There is no plan B.

[ikydesu]

I have no idea.
Maybe altcoin?

[sandykho47]

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

And if bitcoin fail, another altcoin already fail too

[Stedsm]

Paycoin

[Jamie_Boulder]

When?

[SargeR33]

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.

[cryptogeeknext]

... i see ... no plan B ...

There is no plan B.

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

[sherbyspark]

This thread got me think:
https://bitcointalk.org/index.php?topic=912190.0


what's Plan B in case bitcoin suffers total failure?

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.

[fryarminer]

gummybears!!

A friend of a friend of a friend told me to long gummybears in case BTC fails!

LMAO!

 

DUDE!!!!!!!

I love how they stick when you spit them at stuff. My brother had a gummy bear stuck to the front of his car for about a year!

[AltcoinInvestor]

Haha, bitcoin fails? you mean it's price fell a lot?
Then I'll be "the hopeful hippy"
check this: 0:28 https://www.youtube.com/watch?v=ZcdWuBAU-7A

[Soros Shorts]

what's Plan B in case bitcoin suffers total failure?

Spend a little more time on some of the thousand and one other opportunities in life that you should already be scoping out now?

[QuestionAuthority]

what's Plan B in case bitcoin suffers total failure?

Spend a little more time on some of the thousand and one other opportunities in life that you should already be scoping out now?

Don't use common sense at this forum. It just confuses people.

[carlosiness]

plan b - if you have a lot of them, buy something physical..

[Flashman]

plan b - if you have a lot of them, buy something physical..

Yes, I would buy land if I was bitcoin rich. Would still probably stay over 50% in BTC though

[jehst]

Ripple.

[Guido]

shouldn't be all in in just bitcoin anyway.

strong alts with good community, have some $ in those too.

I like bitcoin, litecoin, megacoin