So I don’t want to get into the ways I’m anot idiot, there are lots aND i know it.
I have a felt IA 16 the top cap bolt is totally stripped, what do I do???
Am I totally fucked?
easy outs first, get a good quality set from craftsman
if that doesnt work, drill, use larger and larger bits until thr head of the screw pops off
then needlenose to unscrew itnout of the compression but
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Don’t waste your money on an easy out. Drill the head off, 6mm bolt will need a slightly bigger than 1/4" drill bit to get the head off easily. A 17/64" or G or H size drill will work the best. If all you have is a 1/4", then it will work, but be a little more difficult at the bottom. Chances of chipping the end of the drill bit are high due to the hex size, wear eye protection.
Slot the head of the bolt with a Dremel tool and use a screwdriver to remove it.
Came here to post this. It’s a good solution for stripped bolts / screws that aren’t under a lot of pressure. Should work in this case for sure.
I stripped the stock one on my B12 a few years ago. I was able to remove it with a ball end hex wrenches. Then I replaced the bolt with a stronger one.
One thing to try is the proper sized hex wrench and a thick flat rubber band on top to try and get it to fill gaps of the stripped head with the hex head. Since it is a low pressure bolt it just might be enough to break it loose.
Stock was 2025 aluminum which is way too soft and (imo) a stupid place to save weight on one tiny bolt. Got a stainless steel version instead from McMaster Carr (have 24 spares actually as the one I was looking for only came in a 25 pack).
Slot the head of the bolt with a Dremel tool and use a screwdriver to remove it.
This is exactly what I did last time I had that situation. Tried an easy out first, then tried a torx bit, no luck. Dremeled a slot, insert flat head screwdriver, unscrew. 
Slot the head of the bolt with a Dremel tool and use a screwdriver to remove it.
This. It is dead easy, quick, and doesn’t modify the bike in any way like a rethreading would.
Slot the head of the bolt with a Dremel tool and use a screwdriver to remove it.
I ended up using this method yesterday even after I bought a screw extractor kit from Harbor Freight last week. I started doing a little researching and it seemed like your method stated was the most popular and it took less than 5 minutes to remove one of the bolts for the aero bar arm cups that was seized. I had stripped the head with the allen wrench. At first the screwdriver was not able to turn it out, but by angling the screwdriver and giving it a few solid taps in a counter clockwise direction it then broke free and removed easily.