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


Bejzbox

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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.

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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?

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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 .

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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 by Bejzbox
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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


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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.

 

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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.

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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)?

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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?

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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 

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