A metacoin is the same as a user defined coin. There is no difference. You can bet with a user asset versus another user asset.
Anyone (IXC foundation included) can chose to distribute a new asset in any way it pleases. Via burning IXC, by paying a fee, etc.
No, it is not. How many times we need to go through this?
A metacoin is not issued by anyone, it is created within the implementation. Therefore it is not controlled by anyone, and it will exists as long as the protocol exists. Any user definied asset is issued by someone, and requires trust to the issuer (additionally with some legal implications). I could issue a coin mimicin my proposed metacoin 2b), but I can also cancel the coin at any time. I'm sure you can imagine reasons (mob/feds, my family) for doing that.
You need to clarify the difference between issuance and distribution.
With Bitcoin, technically the developers issued 21 million coins and provided sha-256 mining as a way to distribute said coins.
WTF? Why are you playing silly word games? This has nothing to do with "the difference between issuance and distribution". It is simply than no one can issue more CP metacoins or cancel the metacoin as nobody can cancel bitcoin or make 50 million more bitcoins. Any CP user definied currency can be canceled at any time or more of the currency can be created at the will of the issuer. I guess you understood that already, but instead of being man enough to admit your (repeated) false statement, you chose to play childish "muddying the waters" games. I have no time for those, so have fun with yourself.
Here is the Issue definition:
Issue
Assets are issued with the issuance message type: the user picks a name and a quantity, and the protocol credits his address accordingly. The asset name must either be unique or be one previously issued by the same address. When re‐issuing an asset, that is, issuing more of an already‐issued asset, the divisibilities and the issuing address must match.
The rights to issue assets under a given name may be transferred to any other address.
Assets may be locked irreversibly against the issuance of further quantities and guaranteeing its holders against its inflation. To lock an asset, set the description to LOCK (case‐insensitive).
Issuances of any non‐zero quantity, that is, issuances which do not merely change, e.g., the description of the asset, involve a debit (and destruction) of now 0.5 XCP
In other words, you can always create a new asset that is
(a) can be locked... no other further issuance.
In short, you can (*if you like*) create your own meta-coin.