Gatehub Private Key Question.

[joe91]

Hello, I am new to this forum, but long time lurker, you guys are Awesome!!! I have a general newbie question - I have a few XRP in Kraken and in Gatehub. So here is the dilemma - Kraken as i speculate is a hosted wallet, so i have username and password there - all is fine. Gatehub as I conclude - offers a private wallet. So here is the question - when I created account with them - i did password and username (as with Kraken) but then they gave me a recovery key (in case i forgot my password) and private key. As i understand, private key can be obtained inside the account when I log into Gatehub (under view private key preferences) So the question is: why should I record my private key in paper and store it in a safe place (as many here tell to do) if I feel perfectly safe - as long as I can log into my Gatehub account and view it There!!>?  {I mean - if Gatehub end up to be scam artists - then yes - but if they are Legit(which i suppose they are)}?!? - why should i write down or save my private key - if there is a bigger chance that someone steals it from my notebook than my online wallet.....) Thank You for any insights !!! 

[zenkert]

There are some considerations, one has to consider.

And I strongly advice you, to follow every instruction, that is  guided to You to do.
You might find them "silly" or to much...
But  perhaps one day in the Future you will regret that you did not care about them.

So, do not expose yourself to that.

Simply follow, do what you are told to do.
If not . . .
The only one to Blame if things F U.
Is You!

And You would not want that happen to You, woud You?

 

Edited October 20, 2017 by zenkert

[joe91]

20 minutes ago, zenkert said:

There are some considerations, one has to consider.

And I strongly advice you, to follow every instruction, that is  guided to You to do.
You might find them "silly" or to much...
But  perhaps one day in the Future you will regret that you did not care about them.

So, do not expose yourself to that.

Simply follow, do what you are told to do.
If not . . .
The only one to Blame if things F U.
Is You!

And You would not want that happen to You, woud You?

 

Zenkert - thank you for your response - i will try hard not to F.U. - on a side note - if anyone else here not from New Hope Psychiatric Incubator - I will be glad to hear your Advice. Thank You !!! 

[joe91]

Guys, come on, no one can give any suggestions ? 

[Mercury]

Gatehub offers both a private wallet and a ripple wallet. It is true that if you remember (record) your ripple wallet's secret key you can retrieve it from a number of sources.

Gatehub's private wallet can only be retrieved via Gatehub. They claim that it is encrypted and that they do not have access to it- if you lose your password, that is it- you lost everything. A recovery key acts as a password backup.

As with all backup passwords/ secret keys there are a variety of ways to store them- the easiest is offline, written down on a small piece of paper, and securely stored somewhere

[joe91]

Thank You for your answer Mr. moderator - but i still a little confused - so as long as Gatehub is not Fraud - and I know my password to their site - and recovery key to their site - I should not care much about Private key they gave me ?!? (although people around here say - private key IS - your XRP wallet ?!?) I mean - in 2017 - its ok i guess - but in 5 years - the answer should be solid - i trust Gatehub - or I trust my Private Key - It Is fundamental - and lawsuits in future will probably revolve around this !?! (You guys should know answer to This - 100% - Mercury - Gatehub Boss - or Ripple Master - David - 100% - or at least Hype Master Hodor - or any other Godz or Semi Godz !!!) Seriously Now 

[Mercury]

It is entirely up to you if you want to record the extra safeguard or not @joe91, if you trust Gatehub and not worried about locking yourself out then do what you will.

In regards to your Ripple Secret Key- absolutely record it. That is what makes it portable and completely under your control. At times I access the same wallet from different wallets/ access portals.

[joe91]

19 hours ago, Mercury said:

It is entirely up to you if you want to record the extra safeguard or not @joe91, if you trust Gatehub and not worried about locking yourself out then do what you will.

In regards to your Ripple Secret Key- absolutely record it. That is what makes it portable and completely under your control. At times I access the same wallet from different wallets/ access portals.

Thank You !