Issuance of an asset: What is callable parameter?

General Counterparty
1
I'm not familiar with financial words. Can I ask about callable parameter of issuance asset.

My questions:

1. Will the issuer send XCP to asset holders and get back their own assets?

I read this but still not sure.

http://support.counterparty.io/support/articles/5000008484-what-does-callable-in-the-api-document-mean-

"At issuance time the issuer specifies how much they will pay for the asset if they recall it."

How the issuer pay for it? XCP or BTC...?

2. If the issuer do "create callback", the callback process will execute automatically. (Do the asset holder need any actions?)

3. The above article said that call backs are currently disabled in main-net. When will you open the function?
2

Konban wa @zono


You could try on testnet.counterwallet.co (create 2 wallets and play with them), but I’ll try to answer:

1. Yes, in XCP.
In the GUI it says (if you try to issue a token): "The XCP price per unit that the owner of the token may call it back for."

2. I haven’t tried (why - see #3), but I think “Yes”. You can try on testnet.

3. It will be closed soon because: 
a) noone is using it
b) noone has ever used it
c) it can be done easier and better with Smart Contracts (from Ethereum) that are not yet available (except on Testnet).
See the bottom of http://counterparty.io/news/counterparty-recreates-ethereums-smart-contract-platform-on-bitcoin/ about #3c.




3
Good evening (maybe.. not sure your timezone) @something 

Thank you very much for your prompt response.

I understood the circumstances. I will try Smart Contracts instead of "callback". 

Thanks,

4

Hi @zono. It was 12:03am my time. 

In coming weeks Smart Contracts will get more attention as we need to do a lot of testing to make sure they function as we expect. 
5
Hi @something. You live in good place.

I am really looking forward to using Smart Contracts. I hope you can focus on the work.
 
You said "callback" will be closed soon. How about "bet"? I am now examining about bet. If you have any plans to close "bet" or other counterpartyd functions like games, I would like to know it early.

Next month, I will attend a bitcoin meet-up in Tokyo. The participants are all interesting in Counterparty and we will make presentations from various points of view. My view is development of DApps. That's why your advices are very precious for us.

Thanks,

6

I am sorry… BetXCP.com and Xbet.io use counterparty platform. I did not know that. As far as I searched the broadcast, both of them are still not so active.

7

Counterparty betting systems can offer the highest payouts to users and the lowest fees ( ~0.5%), not to mention that the payments are esrowed without having to trust a ‘house’. It’s such a strong competitive advantage that once people notice… it has serious potential to really take off :slight_smile:

8
I totally agree with the potential you mentioned. And the convenience and the profitability are great. Yes you are right, people don't notice counterparty or even bitcoin... and getting XCP is not easy and legal issue..

Can I ask three questions? 

1. You said about the fee is "~0.5%". The maximum fee isn't 0.5%, is it?

2. Can I use BTC as betting asset? or other asset? 

3. I am not sure but starting betting site is probably illegal in Japan. How about the U.S? Some said that it is illegal in many states. Is it true?

9
  1. The maximum fee is 100% and the minimum is 0% :slight_smile:

    2. You can use XBTC as a betting asset, which can be pegged to BTC. If you use BTC as a betting asset, it cannot be escrowed trustlessly and you need to trust whoever is holding it.

    3. It is illegal in a lot of states, and difficult to get licensed in many others. Not sure about Japan. Currently U.S. users are blocked from using those services. I mean, nobody can stop people from accessing Counterparty features, but they will be doing so at their own peril.
10

XBTC was bought back by the issuer (https://forums.counterparty.io/discussion/comment/3893/#Comment_3893) so not many are circulating around (I still have some, around $10 in value). 

@zono, XBTC is/was pegged to BTC 1:1 by the issuer, so the counterparty is the issuer of XBTC (or other asset, if someone else does it)

Regarding #3, on the official CW servers an IP filter blocks US addresses from seeing the the Betting menu, but it’s up to the operator of the wallet to block who he thinks should be blocked. Because Counterparty is US-based, US IP’s are blocked by default. 
11
Hi, Thank you always.

OK, I'am now understanding that XBTC cannot use as a reward of betting practically. (or systematically)

Regarding #3, I see that blocking by CW. OK I will ask lawyers if I start a betting site. 

Thanks

12

Assets like XBTC can be used for rewards practically, and systematically! The problem was uncertain legality in the U.S, so the issuer of XBTC had to stop exchanging it. Anyone can make an asset similar to XBTC (That is pegged 1:1 to Bitcoin), and with smart contracts it will be even easier. It doesn’t have to be called XBTC… it can be XBITCOIN, even CABBAGE… or anything :slight_smile:

Only Bitcoin cannot be directly used practically and systematically (Because the Bitcoin currency does not know what is happening on the Counterparty network, but the Counterparty currency knows what is going on the Bitcoin network).

13
Hi @deliciousowl, Thank you so much for your reply. 

The reason why I used the word "systematically" is the "create_bet" API does not provide "asset" parameter for now. That's why I thought that XCP was only asset as a betting asset.

I will examine in more detail. I didn't catch up yet about a lot of counterparty's features.

>Only Bitcoin cannot be directly used practically and systematically 
OK. I understood it.

Thanks,