Untradable Token?

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Location: Appalachia, United States

Is it possible to create a token that cannot be burned or traded once distributed? Or, perhaps, with levels of rights which could include being tradable or not?

I can see a couple of applications, but more on that depending on the answer.

Posted on September 3, 2014 at 5:17 PM

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TheWittyHawk

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I don't know the answer but can you elaborate more on the various applications?

Posted on September 3, 2014 at 5:23 PM
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wildjo

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Location: Appalachia, United States

For example, you would like to set up a program with various levels, each with its own unique token, but you don't want the tokens to be traded because recipients have to use them to obtain the next level. For whatever reason, you don't want someone to be able to skip by buying levels.

Posted on September 3, 2014 at 5:48 PM
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Halo

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@wildjo Is it possible to create a token that cannot be burned or traded once distributed? Or, perhaps, with levels of rights which could include being tradable or not?

I can see a couple of applications, but more on that depending on the answer.

Is the act of 'burning' a token just sending to an address that no one has the private key to and anything sent to it is there for unrecoverable? If so, then I don't think you could have a token that is impossible to burn because there would have to be some means of ensuring that at least one person is always in control of the private key to any address that has funds sent to it.

Posted on September 3, 2014 at 6:11 PM
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Cryptonaut

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I dont think so really. As long as its possible to transfer a token from one address to another, there is always the possibility for trading

Posted on September 3, 2014 at 6:14 PM
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wildjo

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I appreciate these replies. Maybe go a slightly different direction:

Assuming there is no way to keep from trading, is it possible to create an app that would monitor the blockchain and ping me if a particular token was transferred out of a watched address?

Posted on September 3, 2014 at 6:56 PM
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therealtwig

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Location: Bloomington, IN

@wildjo I appreciate these replies. Maybe go a slightly different direction:

Assuming there is no way to keep from trading, is it possible to create an app that would monitor the blockchain and ping me if a particular token was transferred out of a watched address?

Right now, you can implement the IFTTT chain channel to send you a push notification whenever any Bitcoin is sent out of an address of your choosing. However, I suspect this is not quite what you are seeking because it only applies to Bitcoin and not any meta layers like Counterparty.

Posted on September 3, 2014 at 7:18 PM
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wildjo

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Location: Appalachia, United States

@therealtwig

@wildjo I appreciate these replies. Maybe go a slightly different direction:

Assuming there is no way to keep from trading, is it possible to create an app that would monitor the blockchain and ping me if a particular token was transferred out of a watched address?

Right now, you can implement the IFTTT chain channel to send you a push notification whenever any Bitcoin is sent out of an address of your choosing. However, I suspect this is not quite what you are seeking because it only applies to Bitcoin and not any meta layers like Counterparty.

That's good. Thank you.

If it can be done for Bitcoin, surely that means it is possible to do for tokens built on Bitcoin. And, in the meantime, it gives a way to monitor crudely, since Counterparty requires BTC to be spent when moving user created tokens.

Posted on September 3, 2014 at 7:40 PM
Last Edited: September 3, 2014 at 7:40 PM
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dpc

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Would keeping track of someones public address solve your problem? Or you could create a token that was the same as or references the specific public address. You could then create more tokens every time they level up. The fact that the tokens exist in counterparty/dogeparty could be enough to keep track of whatever you are trying to track regardless of who's wallet the tokens are in. Token abc123 has 3 issued tokens, efg456 has 1 issued token....

Or

@deweller has a service that monitors and emails when tokens are sent to an address, but not when tokens are sent from an address (yet). http://letstalkbitcoin.com/forum/post/announce-emailme-get-emailed-when-you-get-paid

If you wanted to get more detailed with what you are trying to accomplish I'm sure we could find a workable solution.

Posted on September 4, 2014 at 9:53 AM
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RockHoward

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Location: Austin TX

@wildjo I appreciate these replies. Maybe go a slightly different direction:

Assuming there is no way to keep from trading, is it possible to create an app that would monitor the blockchain and ping me if a particular token was transferred out of a watched address?

Yes. A stupid way to do this is to use the counterparty API call that returns all of the tokens for a gven address. Obviously you can call it periodically and check if the token amount has changed.

The Counterparty Asset Monitor Android app will watch addresses of your choice and optionally send you a notification if any token amounts change for the given addresses.

There are even slicker ways to do this if you need to monitor a lot of addresses but that would require a little custom coding. Not too tough, though.

Posted on September 4, 2014 at 11:02 AM
Last Edited: September 4, 2014 at 11:50 AM
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eshriek

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Couldn't you do this with multi-sig? You hold one of the sigs and you could keep it from being traded. If someone wanted to trade, they would have to request your sig which would notify you.

Posted on September 19, 2014 at 9:11 PM
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