Gatehub/PBG XAU IOU

[Twarden]

I am concerned about Gatehub/PBG issuing their gold as XAU on the RCL because they are not issuing XAU as XAU is the ISO currency code standard for 1 troy ounce (ozt) of .999 fine gold an meanwhile they are offering 1 XAU at a rate of 1g.  When a user unknowingly trusts Gatehub's XAU and another Gateway's XAU then that user could potentially be ripped off for an great deal of value.  I got a lot of flack on the official forums for wanting to issue fractional silver as XSG instead of issuing fractional amounts of XAG when I was discussing how I should set up my gateway's redemption policy which was settled on the latter as XAG would allow paths to be found easier.  If Gatehub/PBG knew they were not dealing in troy ounces but grams then chose to ignore proper naming conventions and saw this as a non-issue then I think we have a problem; I propose we begin a critical discussion about Gateways and their usage of ISO standard currency issuances.

I would like to ask @JoelKatz @nikb @mDuo13 to please comment on this issue if they can please find the time to do so either within this thread or over twitter.

[Malloy]

Anyone can issue XAU with whatever value they want...like I could do it for grams...that's when due diligence and the community - us - comes in hand.

Yes, there should be some regulation, but other would say the beauty - and the beast - of being able to issue whatever you want with your inner-outer circle is exactly what we needed.

Anyone buying Gatehub XAU should make some due diligence first and it's our duty to offer the information so they can choose to trade or not that pair. 

If noone trades that pair...Gatehub will get the message - I guess - I hope?

[mDuo13]

This is a good point. And, I think, this situation is what the Trust Line Quality feature was meant to address. Unfortunately, Trust Line Quality is hard to use. For now, the simple recommendations I have are:

- Don't trade XAU.Gatehub and XAU from another (ISO-compliant) gateway using the same address

- If you do trade XAU.Gatehub and XAU from another gateway using the same address, be absolutely sure that NoRipple is enabled on all your XAU trust lines.

[winthan]

On 2/18/2017 at 7:30 AM, Twarden said:

I am concerned about Gatehub/PBG issuing their gold as XAU on the RCL because they are not issuing XAU as XAU is the ISO currency code standard for 1 troy ounce (ozt) of .999 fine gold an meanwhile they are offering 1 XAU at a rate of 1g.  When a user unknowingly trusts Gatehub's XAU and another Gateway's XAU then that user could potentially be ripped off for an great deal of value.  I got a lot of flack on the official forums for wanting to issue fractional silver as XSG instead of issuing fractional amounts of XAG when I was discussing how I should set up my gateway's redemption policy which was settled on the latter as XAG would allow paths to be found easier.  If Gatehub/PBG knew they were not dealing in troy ounces but grams then chose to ignore proper naming conventions and saw this as a non-issue then I think we have a problem; I propose we begin a critical discussion about Gateways and their usage of ISO standard currency issuances.

I would like to ask @JoelKatz @nikb @mDuo13 to please comment on this issue if they can please find the time to do so either within this thread or over twitter.

4

I have already bring that concern before. 
 

 

[winthan]

On 2/23/2017 at 2:39 AM, mDuo13 said:

This is a good point. And, I think, this situation is what the Trust Line Quality feature was meant to address. Unfortunately, Trust Line Quality is hard to use. For now, the simple recommendations I have are:

- Don't trade XAU.Gatehub and XAU from another (ISO-compliant) gateway using the same address

- If you do trade XAU.Gatehub and XAU from another gateway using the same address, be absolutely sure that NoRipple is enabled on all your XAU trust lines.

 

One question for Ripple, Can you denounce gateways which are running with the bad reputation, and remove those gateways from Ripple Network?  I see some scam gateways running on Ripple, it is bad for Ripple and Trust btw Ripple customers.