Jump to content


  • Content Count

  • Joined

  • Last visited

About AdamM

  • Rank

Recent Profile Visitors

The recent visitors block is disabled and is not being shown to other users.

  1. Purely speculation, I dare say they're just getting over run by all the new players entering the world of crypto and struggling to keep up with the demand. It's only going to get busier from here and into 2018. It takes time to build out infrastructure and hire more bodies to keep the lights on. Like other platforms have ie, bitfinex, bittrex.... they should've stopped taking on new customers and shored up the lines of support and required backend systems.
  2. I suspect bitstamp are just trying to get ahead of the regulators and will likely find all exchanges in future who want to operate in the US will require this identification. So they can keep tabs on you for taxation purposes. Personally it doesn't bother me, anonymity in crypto isn't going to last once regulation does come and it will better to be on an exchange you know will pass the fed test.
  3. I've got 2 nanos, tested them to hell and back... on both devices I setup and wiped them, re entering the 24 word recovery seed restored the wallet with the same wallet addresses created. You can only have 4 wallets installed at any time but you can delete them and add them back and they will be the same as before. Only thing I don't like is the lack of support for more altcoins. With the money they are making, you would have thought they be adding more an more to the list at a greater rate than they are currently. For peace of mind though, I don't mind spending a few dollars on this as I know no matter what (loss or theft) I can always restore them again with another nano. That's also why I have 2, hot spare ready if required. I keep the 24 word recovery on a veracrypt usb with a 12 word password, got a copy of the USB at another address where the second nano is.
  4. You might find bitstamp is more efficient when it comes to the approval process. It took over a week on gatehub and 2 days on bitstamp. There's also more liquidity on bs.
  5. You can use 4 - 8 digits, choice is yours on setup. It's great, enter 3 times wrong and it resets the device to setup wizard... recovery with 24 word passphrase to recover your wallets.
  6. 1. Buy 2 USB thumb drives 2. Download & install veracrypt, 3. Create an an encrypted folder on USB with a text file containing recovery seed* 4. Copy encypted folder to second USB thumb drive, keep one on premise and another offsite. * Do all this on a PC that is not internet connected, is more secure if run on a virtual machine with no internet. Windows 10 includes hyper v which can get the virtual up and running. You don't need to go crazy on the password for the encrypted folder, just don't leave it mounted when connected online or use anything stupid / easy to guess. If you don't know how to do all this, get on youtube and learn it, you are the bank and for mine this is an essential part of securing your vault.
  7. I just had a look at this and unless I missed something, this isn't a hardware wallet... it's an online platform accessible via browser / mobile. Not so keen on this requiring a 3rd party site, same as an exchange but with better security I'm guessing. It also includes additional fees on transactions which is another no thanks for mine. I use the nano and will keep using it until they release a new model with more support.
  8. This quote from the article sticks out for mine "So, when the new service economy comes knocking on the Bank of England’s door, will you welcome it inside? Offer it tea—and financial liquidity?" Hasn't Ripple done some poc work with BoE?
  9. 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.
  10. 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.
  11. 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.
  12. 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.
  13. 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.
  14. 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.
  • Create New...