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Gatehub Fifth


Mercury
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Anyone try the new Ether gateway via Gatehub yet?

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Ether is here
We are thrilled to present GateHub Fifth, our first cryptocurrency gateway. The first offering of Fifth is Ether (ETH), the native Ethereum currency.
After connecting GateHub Fifth you will be able to transfer Ether to and from the Ethereum network, and trade it on the Ripple platform.

 

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http://blog.gatehub.net/post/142366423292/gatehub-fifth-bringing-ether-trading-to-ripple

I don't like the way they say  "want to be part of the gold rush?"

Post is pretty light on details, like why does it take up to 24hrs for large withdrawals? Hopefully they back all Eth IOUs with held Eth rather than employing some fractional reserve policy.

Edited by cmbartley
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Hi,

GateHub Fifth here. 

16 minutes ago, cmbartley said:

Post is pretty light on details, like why does it take up to 24hrs for large withdrawals?

Due to our security policy, we might process some large withdrawals manually. Don't worry though, most withdrawals will go through immediately.

19 minutes ago, cmbartley said:

Hopefully they back all Eth IOUs with held Eth rather than employing some fractional reserve policy.

We've updated the blog post with FAQ where our wallet addresses are listed so you can check at any time that all IOUs are in fact fully backed. We will never employ any fractional reserve policy.

Matija

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1 hour ago, tulo said:

Nice work.

Thanks!

1 hour ago, tulo said:

And they issued 1000 ETH but only hold 600 ETH...this seems fractional reserve.

Our actual Ether holdings are the sum of hot and cold Ethereum wallets (that's about 700 ETH currently). The actual issued value on Ripple is calculated as (absolute) cold wallet issued value minus hot wallet balance -- that's the total issued value of IOUs to our users and amounts to about 400 ETH. So we have more than 100% reserve.

Note that that's the way also RippleCharts and Ripple Data API calculate issued values for all existing gateways; that's the standard hot/cold wallet policy in Ripple. (Unfortunately, GateHub Fifth is not yet listed on RippleCharts (and Ripple Data) but will be soon.)

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2 hours ago, T8493 said:

What is GateHub Fifth? New company or some other legal entity? Who owns it? Gatehub? Where is this legal entity incorporated/registered?

 

Gregor here, CTO at GateHub. We have started GateHub with the vision to expand the Ripple network with new gateways which will be easier to operate on our platform. This year we are starting this vision to become reality. I co-founded Fifth which is the first but for sure not the last GateHub affiliate gateway. GateHub Fifth is legally and technically part of GateHub but it will become its own legal entity in following months. We will update all the information when this will happen.

 

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Gregor,

i am a migrated user from ripple trade, i have to say i hate to use gatehub. the structure of your user interface is so confusing, it is painful to try to navigate through  the functions your provide. 

can you just simplify your site and make it easy and friendly to use? 

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Thanks for the blog post link

 

There is a bug that does not let me connect to a new gateway as it asks for me to verify my account.  which is already verified.   

I know this is a bug because it was confirmed by gatehub support, to me by email.

So I guess I will have to wait until it is resolved. 

 

Edited by Bejzbox
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17 minutes ago, Bejzbox said:

Thanks for the blog post link

 

There is a bug that does not let me connect to a new gateway as it asks for me to verify my account.  which is already verified.   

I know this is a bug because it was confirmed by gatehub support, to me by email.

So I guess I will have to wait until it is resolved. 

 

Hi @Bejzbox

please PM me your email and I will make sure this issue gets resolved as quickly as possible!

Thanks

 

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