Mercury Posted April 7, 2016 Share Posted April 7, 2016 Anyone try the new Ether gateway via Gatehub yet? Quote 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. David2142, rippleric and tommytrain 3 Link to comment Share on other sites More sharing options...
cmbartley Posted April 7, 2016 Share Posted April 7, 2016 (edited) 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 April 7, 2016 by cmbartley Link to comment Share on other sites More sharing options...
mazi Posted April 7, 2016 Share Posted April 7, 2016 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 MundoXRP, zea, Ant and 2 others 5 Link to comment Share on other sites More sharing options...
cmbartley Posted April 7, 2016 Share Posted April 7, 2016 1 minute ago, mazi said: GateHub Fifth here. Overall I should say that I'm glad to see the GateHub network expanding. It's nice to know I'll be able to trade my Ethand XRP all on one platform. mazi 1 Link to comment Share on other sites More sharing options...
tulo Posted April 7, 2016 Share Posted April 7, 2016 (edited) Nice work. But big on 0.3% trade fee. And they issued 1000 ETH but only hold 600 ETH...this seems fractional reserve. Edited April 7, 2016 by tulo Link to comment Share on other sites More sharing options...
Mercury Posted April 7, 2016 Author Share Posted April 7, 2016 Welcome @mazi. I don't suppose you could expand your relationship to Gatehub? You are an independent gateway that lists/ goes through Gatehub correct? Does your operations co-exist anywhere else? Link to comment Share on other sites More sharing options...
mazi Posted April 7, 2016 Share Posted April 7, 2016 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.) Ant, xtrapower, tulo and 1 other 4 Link to comment Share on other sites More sharing options...
T8493 Posted April 7, 2016 Share Posted April 7, 2016 (edited) What is GateHub Fifth? New company or some other legal entity? Who owns it? Gatehub? Where is this legal entity incorporated/registered? Edited April 7, 2016 by T8493 Link to comment Share on other sites More sharing options...
Guest Posted April 7, 2016 Share Posted April 7, 2016 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. Link to comment Share on other sites More sharing options...
babu Posted April 8, 2016 Share Posted April 8, 2016 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? Link to comment Share on other sites More sharing options...
tomb Posted April 8, 2016 Share Posted April 8, 2016 rippleric 1 Link to comment Share on other sites More sharing options...
Bejzbox Posted April 8, 2016 Share Posted April 8, 2016 Is there an explanation 'for dummies' on Gatehub Fifth I can take a look at. Link to comment Share on other sites More sharing options...
mazi Posted April 8, 2016 Share Posted April 8, 2016 1 minute ago, Bejzbox said: Is there an explanation 'for dummies' on Gatehub Fifth I can take a look at. Hi @Bejzbox, Have you read the blog post? If that doesn't answer all of your questions, feel free to ask here. Matija Link to comment Share on other sites More sharing options...
Bejzbox Posted April 8, 2016 Share Posted April 8, 2016 (edited) 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 April 8, 2016 by Bejzbox Malloy 1 Link to comment Share on other sites More sharing options...
enej Posted April 8, 2016 Share Posted April 8, 2016 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 mazi 1 Link to comment Share on other sites More sharing options...
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