Bitstamp XRP Gateway

[Guest]

3 hours ago, engine44 said:

Please comment as to why you prefer your method

I've not seen your old instructions from Ripple, but it sounds like they're something to do with issuing, moving or redeeming IOUs through the XRP ledger. But XRP itself is different: it's an asset, entire of itself. It's not an IOU since is doesn't represent anything else (which, if I may digress briefly,  is why the various XRP-is-a-security lawsuits are so silly).

The word “Gateway” seems to refer to an address that has issued IOUs and is wiling to redeem them. For instance, GateHub issues US dollar IOUs and Euro IOUs, which are recorded on the XRP ledger even though they're not XRP. This is perhaps the most notable feature of the XRP ledger compared to other distributed ledgers such as Bitcoin and Litecoin. If we forget about the IOU functionality, we're left with a ledger than records the movements of XRPs, using fairly similar cryptographic concepts to Bitcoin, Litecoin et al.. Therefore, what you want to do with your XRPs can be explained in generic cryptotoken jargon.

What you're trying to do is move your cryptotokens from one address on the ledger (yours) to another address on the ledger (Bitstamp's). So, you need to construct a transaction that declares how many cryptotokens you want to move, and where you want to move them from/to. Adding a Destination Tag to the transaction is just like adding a Reference to an inter-bank transfer (it's an extra identifier that the recipient uses to figure out who's sending them money). Think of it as being like writing a cheque and writing a note on the back. Having constructed the transaction (i.e. written the cheque), you have to authorise it with your signature. A cheque requires a pen-and-ink signature, but a crypto-transaction requires a cryptographic signature. The word ‘wallet’ is commonly used to refer to the software than adds the cryptographic signature to the transaction, and the same software also lets you view the balance (provided it has an internet connection). A wallet does not hold cryptotokens. Cryptotokens exists only on their global distributed ledger and cannot be in a ‘wallet’. The word ‘wallet’ is rather unfortunate in the cryptotoken context because it's really more like a cheque book or a debit card: it allows you to move funds that are stored somewhere else.

I haven't used toast wallet, but if it's like any other cryptotoken ‘wallet’, it's a tool that lets you view an address on the XRP ledger and sign transactions that move funds out of that address and into another address.

Edited June 13, 2018 by Guest

[engine44]

10 hours ago, tev said:

I've not seen your old instructions from Ripple, but it sounds like they're something to do with issuing, moving or redeeming IOUs through the XRP ledger. But XRP itself is different: it's an asset, entire of itself. It's not an IOU since is doesn't represent anything else (which, if I may digress briefly,  is why the various XRP-is-a-security lawsuits are so silly).

The word “Gateway” seems to refer to an address that has issued IOUs and is wiling to redeem them. For instance, GateHub issues US dollar IOUs and Euro IOUs, which are recorded on the XRP ledger even though they're not XRP. This is perhaps the most notable feature of the XRP ledger compared to other distributed ledgers such as Bitcoin and Litecoin. If we forget about the IOU functionality, we're left with a ledger than records the movements of XRPs, using fairly similar cryptographic concepts to Bitcoin, Litecoin et al.. Therefore, what you want to do with your XRPs can be explained in generic cryptotoken jargon.

What you're trying to do is move your cryptotokens from one address on the ledger (yours) to another address on the ledger (Bitstamp's). So, you need to construct a transaction that declares how many cryptotokens you want to move, and where you want to move them from/to. Adding a Destination Tag to the transaction is just like adding a Reference to an inter-bank transfer (it's an extra identifier that the recipient uses to figure out who's sending them money). Think of it as being like writing a cheque and writing a note on the back. Having constructed the transaction (i.e. written the cheque), you have to authorise it with your signature. A cheque requires a pen-and-ink signature, but a crypto-transaction requires a cryptographic signature. The word ‘wallet’ is commonly used to refer to the software than adds the cryptographic signature to the transaction, and the same software also lets you view the balance (provided it has an internet connection). A wallet does not hold cryptotokens. Cryptotokens exists only on their global distributed ledger and cannot be in a ‘wallet’. The word ‘wallet’ is rather unfortunate in the cryptotoken context because it's really more like a cheque book or a debit card: it allows you to move funds that are stored somewhere else.

I haven't used toast wallet, but if it's like any other cryptotoken ‘wallet’, it's a tool that lets you view an address on the XRP ledger and sign transactions that move funds out of that address and into another address.

Thanks. I guess I’ll giveup on the Gateway concept as suggested by Ripple.  I’ll use a Toast wallet.

[MikeNard77]

On 6/13/2018 at 5:24 PM, engine44 said:

Thanks. I guess I’ll giveup on the Gateway concept as suggested by Ripple.  I’ll use a Toast wallet.

ripple originally advised that to you because they were telling you to migrate off the old ripple client onto a new gateway. This was for people using the xrp ledger features like decentralized exchange. Sending xrp does not require a gateway. It seems you may have never originally migrated your account. If you did, you have a secret key. You can use that secret key and import it to any wallet like toast, gate hub, trust wallet( requires conversion to mnemonic), etc ( this has nothing to do with 20 xrp even on toast because you aren't activating a new account, you are just importing)