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MightyCat

About the 20 xrp needed for account opening

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8 hours ago, Mr_McFearson said:

Gatehub has access to SKs, correct? Is it theoretically possible that they could empty wallets and run? Not saying that it would happen, but could it?

All secret keys and passwords are hashed and encrypted using industry standard algorithms with high-cost factors to protect against brute-force attacks.

We would like to emphasize our employees DO NOT have access to your passwords and secret keys. If you forget your GateHub password, the only way to regain access to your account is by using your recovery key, which decrypts your account data.

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12 hours ago, MightyCat said:

I hope they don't do that though, because it would mean the 20xrp taken are just taken by gatehub without any new account created on the ledger.

 

The Ripple protocol requires that each Ripple wallet holds a small amount of XRP at all times. This is called reserve and as you know its purpose is spam protection. GateHub does not have access to your wallet, you are the owner of your wallet and of your secret key and therefore the 20XRP is never taken by us. You activate your wallet with the 20XRP deposited and create a new account on the ledger. 

If you have any other questions we will gladly clear things up for you. 

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5 hours ago, gatehub said:

All secret keys and passwords are hashed and encrypted using industry standard algorithms with high-cost factors to protect against brute-force attacks.

We would like to emphasize our employees DO NOT have access to your passwords and secret keys. If you forget your GateHub password, the only way to regain access to your account is by using your recovery key, which decrypts your account data.

Thank you for clarifying this! I feel like there could be a MtGoX2.0 looming and I am trying to figure out who it could be.

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On 9/24/2018 at 3:21 AM, MightyCat said:

I mean it seems like the xrp isn't made right now for a global use. If the account opening cost was about 1 xrp it would be more realistic on a global human scale, because it would mean about 7 billions xrp blocked on the ledger dedicated to account opening. Also don't forget some people could want several different accounts.

We believe Ripple team can adjust the 20xrp required for holding an account. You've already stated 'if the account opening cost was about 1 xrp it would be more realistic on a global human scale". Let's take what you said a step further, since xrp is fractional up to 6 digits, how about 0.1 xrp for account opening? Maybe 0.00001 xrp account opening. 

My conclusion: I don't think this is an issue for concern, given xrp is fractional up to 6 places.

fwiw: standard transaction is 0.00001 XRP (10 drops), hence 1 drop = 0.000001

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On 9/25/2018 at 10:02 AM, gatehub said:

The Ripple protocol requires that each Ripple wallet holds a small amount of XRP at all times. This is called reserve and as you know its purpose is spam protection. GateHub does not have access to your wallet, you are the owner of your wallet and of your secret key and therefore the 20XRP is never taken by us. You activate your wallet with the 20XRP deposited and create a new account on the ledger. 

If you have any other questions we will gladly clear things up for you. 

@gatehub Could you please clarify if the Gatehub recovery key is the same as the private key needed to restore an on-ledger XRP account?

Can the Gatehub recovery key be used to restore an on-ledger XRP account on an alternative wallet?

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11 minutes ago, cryptoxrp said:

Can the Gatehub recovery key be used to restore an on-ledger XRP account on an alternative wallet?

No, it just allows you to decrypt your encrypted account details (including secret keys) that are stored on Gatehub's servers.

 

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3 hours ago, at3n said:

No, it just allows you to decrypt your encrypted account details (including secret keys) that are stored on Gatehub's servers.

 

Okay.... But that does not help much if Gatehub is out of business and the servers are offline... does it? Then our XRP funds are lost aren’t they?

Or is their an alternative server where we can recover?

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3 hours ago, cryptoxrp said:

Okay.... But that does not help much if Gatehub is out of business and the servers are offline... does it? Then our XRP funds are lost aren’t they?

Or is their an alternative server where we can recover?

No, for that you need to record your secret key. Go into Advanced in your wallet and you can display the secret key.

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18 hours ago, cryptoxrp said:

@gatehub Could you please clarify if the Gatehub recovery key is the same as the private key needed to restore an on-ledger XRP account?

 Can the Gatehub recovery key be used to restore an on-ledger XRP account on an alternative wallet?

2

No, Recovery key is a 32-character key generated during the GateHub signup process. It is generated only once and can be used to change your login password.

You are looking for Secret key which can be found here: 

Go to "WALLET"

Click "Advanced"

Click "Show secret key"

Type in your GateHub password

Store your key in a safe place

Do not share your secret key with anyone and keep it in a safe place (paper copy or offline storage).

11 hours ago, at3n said:

No, for that you need to record your secret key. Go into Advanced in your wallet and you can display the secret key.

Thank you for helping out. 

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On 9/24/2018 at 3:21 AM, MightyCat said:

It's also possible that if in the future xrp costs more, the account opening will become very expensive in fiat money.

 

Aren't there talks about someday lowering the 20XRP reserve? if XRP ever reaches $100 I doubt you will have to spend $2000 just to open a wallet. 

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14 hours ago, XRPcalling said:

Aren't there talks about someday lowering the 20XRP reserve? if XRP ever reaches $100 I doubt you will have to spend $2000 just to open a wallet. 

 

Copied from https://developers.ripple.com/reserves.html:The XRP Ledger has a mechanism to adjust the reserve requirements for long-term changes in the value of XRP. Any changes have to be approved by the consensus process. See Fee Voting for more information: https://developers.ripple.com/fee-voting.html

 

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