Litecoin is a backup for bitcoin, as i view it.
If bitcon gets fucked by this blocksize debate, the most likely litecoin will take its place.
All merchants can easily integrate litecoin just like bitcoin, so the transition would be very fast.
Agree. Is a lifeboat. And a "second best" or several of them is a normal thing, and they use to survive to and even they get equal or surpass the first idea. Facebook - Google +, Coke - Pepsi, iOS - Android ... etc.
Bitcoin will hardly survive alone. It is very likely that other alts would do it too, and litecoin is a very likely one.
Well if the blocksize debate turns out bad, then the litecoin guys will know what not to do.
Bitcoin is the biggest crypto, but its also the lab-rat that is being tested for this new technology, so its risky to hold it.
Thats why i diversified my portfolio in the coins i have next to my avatar to get an idea how to manage risk in crypto