Jeffrey Thomas's answer is close, but under ARC, it leaks the block, and without ARC, it crashes.
Without ARC, a __block variable doesn't retain what it references. Blocks are created on the stack. So the callback variable points to a block on the stack. When you pass callback to dispatch_after the first time (outside of the block), dispatch_after successfully makes a copy of the block on the heap. But when that copy is invoked, and passes callback to dispatch_after again, callback is a dangling pointer (to the now-destroyed block on the stack), and dispatch_after will (usually) crash.
With ARC, a __block variable of block type (like callback) automatically copies the block to the heap. So you don't get the crash. But with ARC, a __block variable retains the object (or block) it references. This results in a retain cycle: the block references itself. Xcode will show you a warning on the recursive dispatch_after call: “Capturing 'callback' strongly in this block is likely to lead to a retain cycle”.
To fix these problems, you can copy the block explicitly (to move it from the stack to the heap under MRC) and set callback to nil (under ARC) or release it (under MRC) to prevent leaking it:
__block void (^callback)() = [^{
if(stop_) {
NSLog(@"all done");
#if __has_feature(objc_arc)
callback = nil; // break retain cycle
#else
[callback release];
#endif
} else {
NSLog(@"still going");
dispatch_after(dispatch_time(DISPATCH_TIME_NOW, 1*NSEC_PER_SEC), dispatch_get_current_queue(), callback);
}
} copy];
dispatch_after(dispatch_time(DISPATCH_TIME_NOW, 1*NSEC_PER_SEC), dispatch_get_current_queue(), callback);
Obviously you can drop the #if and just use the branch appropriate for your memory management.