It's not black and white. Flying seldom is.
In most cases, it is a stop.
Now consider;
-1600-1800 meter runway.
-Runway is contaminated, mixed snow/ice.
-You use the reported braking coefficient.
-Computer has calculated your max take off weight down to the kilo.
-You are at max weight.
You know that;
-Braking action is measured at 60 km/h, not the required 90 km/h. It's not safe to drive faster.
-Braking action measurement is not an exact science.
-You use the average braking action of the far 2/3 of the runway.
-Conditions vary.
The fire alarm goes off at V1 minus 5. Both engines produce full thrust.
Do you stop?
Are you able to?
Now, as our Danish friend pointed out;
"V1 also means the minimum speed in the takeoff, following a failure of the critical engine at VEF, at which the pilot can continue the takeoff and achieve the required height above the takeoff surface within the takeoff distance."
But he is talking about engine failure, not engine fire. An engine fire may be an engine failure, but it doesn't have to be. With 2 engines running you will have no problems (lifting off) if you continue.
If you continue on one engine, you will still lift off before the runway end. You will not clear it with the required 35 ft, but you will still be airborne.
I realise most of you never see this scenario, but some of us do. We can not afford to treat a situation like this like robots.
I don't feel very macho for saying so.