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AdamM

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  1. I don't know much about the IOU's process, how to manually create these... all I did was use bitstamp to check XRP / USD wallet address with dest tag, on gatehub I hit send payment to XRP address and selected USD. There's no other way to do it on that platform within the gui and when I did the dry run with a small amount it cost 3%, when I went for a larger amount that's when the higher transfer rate ballooned. You can see the transaction on ripple, it was linked in my op. Why are the charges so high, who is pocketing the profit? It was sent on ripple network, beyond that I don't know. Something I do know, when I use flash-fx, I use the exact same process. I used a XRP address on gatehub, I selected USD on flash-fx and I got the exact same amount of USD value sent and received on gatehub. Why is that any different? From my perspective, something dodgy is going on there... somebody is making a lot of money for doing nothing. It's reasonable to expect that sending 1 USD from one place to another wouldn't cost 1% let alone the 5.9% I saw on gatehub.
  2. Good afternoon, I've been using gatehub since I got into the crypto game and was pretty green at the start and have since learnt a lot, from people here and elsewhere. I really liked that gatehub, which I used in combination with flash-fxallowed a fast and smooth way to enter the market with fiat from AUD to USD with minimal fees being applied from fiat to crypto. Though after time I started looking more closely at things I started to see everything with eyes wide open. I would not recommend gatehub to anyone, I think it's broken and the reasons are simple. 1. Low trade volumes resulting in much higher prices 2. Exorbinately high prices on transferring fiat to another exhange 3. Exchange lock in due to issues in 1 & 2, you're stuck on gatehub and can't get free without taking a serious hit to the bottom line. I've been planning my move for a while now and was waiting for an ideal time to do it, I was hoping that the prices might get close to each other though after weeks they never did. Today I resigned myself to move everything to bitstamp and looked at my options to try and make the move with the least cost, crypto vs USD. Unfortunately the difference in crypto prices gatehub vs bitstamp meant that USD transfer was my only option. I was advised by flash-fx that there was a 2% cost of transfer, why is the rate so high when they're using XRP to send the funds? My test run with 1 USD actually showed the rate was 3%, still better than the crypto price difference unfortunately. So I geared up to move more over only to find the rate was now 5.9%. Shocked and disgusted I made the move anyway. I've copped a pretty big whack to get to an exchange with good trading volumes, hopefully others read this and take the warning to stay away. As of writing, 24 hour trade volumes on gatehub, BTC 16.49, ETH 266.9 & XRP the highest but still very very low at 2.82 Million. The volumes are so low that the prices are never ever close to market rate. See screenshots below for everything discussed here. Some days the volumes are half that amount or below. Here's the big whack I took too in the transaction linked below. Why is gatehub charging so much? USD is USD and sending over XRP is practically free. It's crazy. I'm going to escalate with GH and hope to recover something if possible I'll probably wait a month or two before I get no assistance such is the quality of support there. https://xrpcharts.ripple.com/#/transactions/54D70DC0E333844CEEC0F3F1DEAE91112F0C9D1FA88AF244943195AA8EAC86EE Anyways, greener pastures and all that... onto Bitstamp I go.
  3. Support is terrible, took over a week to get the trust lines established to transfer funds via flashfx. More importantly... moving fiat from gatehub to another exchange (bitstamp) incurs a 2% penalty. Worse still... the trading volumes are too low and often the price is significantly more than market rate across all asset classes... some worse than others. Yesterday ETH was +16USD higher and XRP .01 - 01.8 USD higher compared to bitstamp. I'll keep an account active there if things improve, I like the layout and design but the trading volumes is the real issue for mine. I completed the KYC on bitstamp yesterday, took 4 hours to be verified... now that's service.
  4. Ledger Nano S Arrived

    Yes, misunderstanding... from your post I thought you were suggesting keeping all your private details on the laptop and without encryption as you had said. If it's just for sending and receiving then yes I can understand now the practicality of doing so. I still prefer the nano though, knowing I can restore the wallets easily if fire, theft or stupidity causes the loss of it.
  5. Ledger Nano S Arrived

    The solution you have above is less than a ledger nano. You have a single point of failure, fair enough if you duplicate this device and kept one somewhere else then all good but you're storing two machines when you could do the same with two small usb drives and a nano. If the machines are stolen you're putting that wealth at risk too as it's not encrypted and if they're savvy enough you could lose it all. Whilst these scenarios might be a bit of a stretch they're still possibilities. Nano S can easily be replaced with all the funds on it, cheap USB drives the same too and they're easier to hide being smaller etc.... if you're holding more than you can afford to lose then it's money well spent in my book. Somethings aren't worth doing cheap when the alternative is so much safer.
  6. Ledger Nano S Arrived

    I just used a cheap verbatim one... tbh, gold plate here isn't really necessary as long as you're checking them periodically... every 3 months for me which invariably with updating details, new exchanges etc that will happen organically anyway I suspect. Already I need to update again, I'm about to dump some ETH on binance bnb coin which has NEO and they're the only exchange that's paying GAS on NEO. Not going to put too much here, mostly holding XRP & ETH but diversifying a little doesn't hurt.
  7. Ledger Nano S Arrived

    If it can't be fixed you can either buy a new one or get it replaced under warranty. I have one myself and they work brilliantly. Just make sure you put the 24 word passphrase somewhere safe. I'm not a fan of keeping it on the cardboard slip they give you so I created a copy of it in plain text, on an encrypted USB key using evercrypt. I created a copy of the USB too, one at home and another offsite for redundancy and will periodically test the USB to make sure it's functional. Just make sure you never use the USB in a computer connected to the internet when updating / accessing the USB. I tested this a few times, entering wrong pin 3 times wipes the device and starts the setup process again. It's a pain to enter all those 24 words each time but it's one I'm happy to live with knowing that this is what makes it so secure and safe for storage.
  8. Yeah probably not worth the investment for a nano if you aren't storing an amount to justify the expense.... @velmet, my crypto isn't on USB flash, it's on a hardware wallet ledger nano s...I just don't like the idea of having something written out on a piece of paper in clear text hence the safe word for restoring the nano is in encrypted folders on 2 USB's. I doubt I'll get a failure with 2 though in saying that I'll get a 3rd & 4th just to be safe with 2 onsite 2 offsite. It's more secure that way as anyone who finds the USB (like they could with paper) won't have any chance of getting to the data and all the private keys and passwords within. I'm pretty diligent with my tech, I'm an it engineer by trade and would be periodically testing access to these devices as any sane person would with this medium. If anyone was doing something similar just make sure you're not mounting your encrypted containers on internet connected devices. Never ever consider cloud for storing such data, even with the best encryption it's not worth the risk.
  9. If you have a lot of xrp, have you considered a hardware wallet? Paper burns, fades & rots.. sure you can have it down in two places but I still don't like the idea of paper.....I went with ledger wallet nano s though other options available... I just like having the other crypto support as I want to get litecoin too. I got the 24 safe words on two usbs on an evercrypt encrypted folder, one onsite the other offsite. I also tested wiping the device and restoring (proving lost, damaged or stolen) and was able to recover everything seamlessly. edit: only draw back with nano s so far is that you can only have 4 cryptos loaded at any given time (might be 5 can't remember from when I was testing it) though ledger support site said you can delete one and add another the same wallet will be loaded again so theoretically you can have them all but would need to remove and install on demand if you wanted more than what can loaded at any given time.
  10. I wouldn't bother with the bot... below this you can send them an email / message which someone will actually read. already got a response.... must be busy, up tp several days to respond to email. Re: XRP Coinbase | Jul 25, 2017 09:13PM PDT Thank you for submitting your request. Due to increased volume it may take several days to receive a response.
  11. just sent them this. When are you guys planning to implement XRP like all the other major exchanges? I'd open an account with you guys if you supported this as it's the fastest and cheapest way of sending crypto around. I currently use gatehub, bittrex & bitstamp which all support XRP, just curious to know when you're going to do the same.
  12. WOW am I Impressed

    @bravo Thanks for the reply. The poli payments can be done online too, so waiting isn't an issue. Usually from where you want to pull the money too, you can initiate the poli payment, authenticate to the bank where the funds are within a poli portal and the money is instantly available for transacting. I have a bit of experience in IT, working as a systems engineer helps me a little in this regard and have already setup 2F auth on all the trading platforms. I was considering using tails on usb or deep freeze on a virtual machine though tbh the extra work isn't something I want to have to deal with long term in maintaining images, version updates etc. I know I don't want to keep large amounts on exchanges, hot wallets etc and will buy a ledger wallet nano s for my savings (bank)... came to this conclusion last night after doing further research on paper wallets and other cold storage options. I wouldn't sleep straight if everything was somewhere available online. Just need to strike that balance between flexibility and offline secure storage to bank future profits (hopefully).
  13. WOW am I Impressed

    Thanks Nicolas on the fast reply. I've setup accounts with both gatehub & flashfx, also transferred 20rp from coinspot so my gatewayhub wallet is now active. Now need to followup on security angle to try and make this work more securely, not so keen on the gh browser / wallet combo on windows though ok with testing etc. Will evaluate what options are available and make sure to avoid the pitfalls of not doing things right.
  14. WOW am I Impressed

    Hi Guys, First post, I bought my first ripple yesterday, just a test run with $250 Aus, used local coinspot though not happy with the fees they charge. 3% buy & sell cost on total investment. Saw the post from @bravo re FlashFX and looking at using this after I sold some asx stock today. I read on the Gatehub fees page though that they charge for international wire deposits. Has this changed since you did the transaction, is the transfer from FlashFX @Nicolas treated as international wire transfer? This is what I read on gatehub site: International Wire Deposit0.1 %, min. fee $15.00, max. fee $130 I'm fairly new to crypto and looking to invest more in the future and see FlashFX as a potential way to access XRP with reducing my overheads.... I think it's a bit rich from the $250 invested yesterday I paid over $7 in fees. I'm looking to invest a lot more than that but without the high fees. Does FlashFX have the ability to transfer USD to other platforms with more altcoins support? I want to diversify a little with XRP being one of the larger investments though I have my eyes on a few others too. Cheers, Adam
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