noob question. Whats the difference between Gatehub and Bitstamp? Any obvious pros or cons of either?

[Bejzbox]

Whats the difference between Gatehub and Bitstamp? Any obvious pros or cons of either?

I used to transfer usd to my ripple trade account through bitstamp.. 

Ever since the ripple trade -> gatehub migration, I transfer usd to gatehub and purchase xrp there.  I have a ripple wallet with gatehub.

I am a lightweight user so excuse my ignorance.

[Professor Hantzen]

Gatehub is a Ripple gateway, this means that when you trade on their platform you are seeing bids & asks from the Ripple network itself.  As such, it is possible to trade any asset on the Ripple network using the Gatehub interface.  It is built on, and has the same principles as the original Ripple Trade wallet/account, but with more features.

Bitstamp is a proprietary exchange, that deals in BTC, EUR, USD, and - as of next week - XRP.  It also has a built-in Ripple bridge for its BTC and USD IOU's, this means you can send and receive BTC.bitstamp and USD.bitstamp Ripple IOU's (assets on the Ripple network, not real BTC or USD) to and from Bitstamp.  The bids and asks you see on Bitstamp are not the same as what is on the Ripple network, though I'm not sure yet how this will be affected in a weeks time when they launch XRP trading.

As for pro's and con's, it depends what you want to do as to which is better suited to your needs, but in general most find Bitstamp's interface easier to use than Gatehub's.  Whereas Gatehub's support is more friendly, accessible and responsive than Bitstamp's.  With gatehub you may well be talking with the CEO - at least on this forum.  Bitstamp you tend to feel like just another number.

Gatehub's interface will improve over time, it's a difficult thing they are trying to do and have to adapt to external changes given what happens with RCL and ILP.  Bitstamp can build it how they want - having designed it from the ground up and not having to tailor their solution to a set of external requirements.

For you specifically, if you want to just buy XRP, you can only do that at Gatehub right now, but you can do it as of next week at Bitstamp too.  I'd simply pay attention to the price in that case - if you are ready and able to transfer USD to either exchange, check which gives you a better rate per XRP, taking into account their respective transaction fees.

Finally, make sure you don't keep your XRP on either exchange - exchanges can be hacked.  Set up a cold wallet and transfer any XRP you want to hold, into that cold wallet.

[Bejzbox]

4 hours ago, Professor Hantzen said:

Finally, make sure you don't keep your XRP on either exchange - exchanges can be hacked.  Set up a cold wallet and transfer any XRP you want to hold, into that cold wallet.

Thanks for your reply.   So a Ripple Wallet with Gatehub (not a hosted wallet) is not sufficiently secure in your opinion? Even with 2-factor authentication.  I was under the impression that a ripple wallet is quite safe.

Is there any good reference for setting u a cold wallet?

[Guest]

Gatehub CEO is also developer @Bitstamp.

[kanaas]

18 minutes ago, Bejzbox said:

Thanks for your reply.   So a Ripple Wallet with Gatehub (not a hosted wallet) is not sufficiently secure in your opinion? Even with 2-factor authentication.  I was under the impression that a ripple wallet is quite safe.

Is there any good reference for setting u a cold wallet?

Gatehub is a safe environment. While nothing is 100% secure I think that by using 2FA and a strong password and keep attention not being phished, you should be safe enough with them. Most problems and stealing from accounts (including banks) are caused by phishing .

[Bejzbox]

18 minutes ago, kanaas said:

Gatehub is a safe environment. While nothing is 100% secure I think that by using 2FA and a strong password and keep attention not being phished, you should be safe enough with them. Most problems and stealing from accounts (including banks) are caused by phishing .

I am quite careful regarding these pitfalls.   Will volume eventually play a role in who becomes the most popular of the two?  

Edited January 12, 2017 by Bejzbox

[kanaas]

I am quite careful regarding these pitfalls.   Will volume eventually play a role in who becomes the most popular of the two?  

Dont know. The most popular will see most volume I guess


Verzonden vanaf mijn iPhone met Tapatalk

[JoelKatz]

If you're planning to hold large amounts of XRP for a long period of time, I strongly recommend using a cold wallet where you, and only you, know the private key (or secret).

Using ripple's native multisign is even better, but we don't really have good client-side tools for that .... yet!

[enej]

49 minutes ago, JoelKatz said:

If you're planning to hold large amounts of XRP for a long period of time, I strongly recommend using a cold wallet where you, and only you, know the private key (or secret).

Using ripple's native multisign is even better, but we don't really have good client-side tools for that .... yet!

Agree!

GateHub did everything we could to keep your secret keys safe (using end-to-end encryption) but as @JoelKatz said nothing can beat cold wallets for large amounts of XRP.

If you use GateHub make sure to use strong password and enable 2-Step verification.

@Bejzbox I suggest you try both and decide for yourself. GateHub offers better native ripple experience and direct access to RCL while Bitstamp might have better tools for trading.

Looking at the future, we hope to enable support for multisign in GateHub Wallet later this year.

 

[Bejzbox]

I am a happy Gatehub user, and want to increase my xrp holding, but cold wallets are increasingly mentioned to me and I know nothing about them to be honest..

[JoelKatz]

Unfortunately, it's kind of a pain to set up a cold wallet. And if you do anything wrong, you have nobody to blame but yourself. They're great for long term storage of large amounts of XRP by people who know what they're doing and are willing to take total responsibility.

The basic idea is this:

1) You generate a secret and a corresponding Ripple address.

2) [Optional] You send a small amount of funds to the Ripple address and confirm that you can access them with the secret.

3) You send XRP to the Ripple address.

4) You make absolutely sure you do not lose the secret.

If you have a copy of the downloadable client, it can be used to generate secret/address pairs and to access a wallet given the secret. It can also be done with rippled.

[Bejzbox]

1 minute ago, JoelKatz said:

Unfortunately, it's kind of a pain to set up a cold wallet. And if you do anything wrong, you have nobody to blame but yourself. They're great for long term storage of large amounts of XRP by people who know what they're doing and are willing to take total responsibility.

The basic idea is this:

1) You generate a secret and a corresponding Ripple address.

2) [Optional] You send a small amount of funds to the Ripple address and confirm that you can access them with the secret.

3) You send XRP to the Ripple address.

4) You make absolutely sure you do not lose the secret.

If you have a copy of the downloadable client, it can be used to generate secret/address pairs and to access a wallet given the secret. It can also be done with rippled.

By secret key, do you mean the secret key (recovery key) that was provided when I created my ripple trade wallet (if that is what its called)?

[Bejzbox]

Sorry for my lack of knowledge.   Is there a site where I can read up on the topic?

[Professor Hantzen]

23 minutes ago, JoelKatz said:

Unfortunately, it's kind of a pain to set up a cold wallet. And if you do anything wrong, you have nobody to blame but yourself. They're great for long term storage of large amounts of XRP by people who know what they're doing and are willing to take total responsibility.

The basic idea is this:

1) You generate a secret and a corresponding Ripple address.

2) [Optional] You send a small amount of funds to the Ripple address and confirm that you can access them with the secret.

3) You send XRP to the Ripple address.

4) You make absolutely sure you do not lose the secret.

If you have a copy of the downloadable client, it can be used to generate secret/address pairs and to access a wallet given the secret. It can also be done with rippled.

What would you recommend for the first step to ensure a maximally secure key?  For example, how would your rate the ripple-keypairs node library?

[Morty]

40 minutes ago, Bejzbox said:

By secret key, do you mean the secret key (recovery key) that was provided when I created my ripple trade wallet (if that is what its called)?

Secret key looks something like this

sg5hDZ9ies3TFhpL7Lb1GriP6dmwD

Starts with an "s" and has 29 random letters and numbers