Gatehub $s Vs SnapSwap $s

[Kire56]

I'm a GateHub user.  I haven't bothered to even look at xrp or learn about GateHub since I took a huge bath when I bought at .02.  When the price started a run up I decided I needed to get with the program so I logged onto GateHub. 

So my question is this.  When I define my balance in USD it gives me one number for GateHub and another much higher (thousands) when defined in SnapSwap USD.  So why the huge descrepency??? could I sell through SnapSwap?

Any help you could give a fellow American would be much appreciated. 

Edited April 9, 2017 by Kire56
clarify title verssus content

[enrique11]

6 hours ago, Kire56 said:

I'm a GateHub user.  I haven't bothered to even look at xrp or learn about GateHub since I took a huge bath when I bought at .02.  When the price started a run up I decided I needed to get with the program so I logged onto GateHub. 

So my question is this.  When I define my balance in USD it gives me one number for GateHub and another much higher (thousands) when defined in SnapSwap USD.  So why the huge descrepency??? could I sell through SnapSwap?

Any help you could give a fellow American would be much appreciated. 

I've been out of the ripple loop for about 1.5 years, but I can take a stab at it:

I don't think snapswap operates a gateway in the U.S. anymore which means you can't redeem snapswap issued USD from the American snapswap gateway because they are no longer around unless snapswap is still around in some other part of the world? It might be possible that some other gateway would honor their IOUs but not at face value I don't think because another gateway did not issue those IOUs and so they're not obligated to redeem them at full value. I use to deal exclusively with snapswap in US, but traded their IOUs for ripples before the closing announcement and so I shouldn't run any risk holding xrp since it has no counterparty risk on the ripple network (in other words, xrp is not issued by a gateway that can go out of business, but rather xrp is a currency inherent to the ripple network).

There are others on this forum that know more details or can correct if necessary any erroeneous  info I've provided here, but any gateway issued IOUs carry inherent risks.

Have you only ever used gatehub?, and if so do you have rippling enabled?, or did you use snapswap at one time, then migrated to gatehub, but still had mostly snapswap issued IOUs in your wallet?

Edited April 8, 2017 by enrique11

[Professor Hantzen]

Be very careful!  What @enrique11 has said is basically correct.  Snapswap is out of operation and quotes on its IOU price are based on the fact nobody wants them - ie, the price you're shown is somewhat meaningless.

Further, having a trustline open to snapswap may open you to risk of losing funds if you hold another (valid) USD IOU in your account, such as gatehub or bitstamp.  You need to be sure that rippling is disabled on *everything*.  Something you could do is set up a new ripple wallet with gatehub, one that has no trustlines.  Then transfer your XRP to that and start over (and never open a trustline to anything snapswap or anything btc2ripple - which is the same thing with a different name).  Just make sure you save the secret to this new account, as that literally is your XRP.  I would contact gatehub support, explain you want to remove any risk of rippling or trading with snapswap, and get them to help you through this process - they're very good!

[Kire56]

Thank you Enrique and Professor.

I tried to simply remove the trust for SnapSwap and I get the prompt that it has been removed but I go back and it indicates that it is still there.  I'll contact GateHub support as you suggest Prfessor.

Thanks again for the help!!

[Mercury]

@Kire56 could you change your threads title to better reflect the question you had? Thanks!

[Kire56]

16 hours ago, Mercury said:

@Kire56 could you change your threads title to better reflect the question you had? Thanks!

No Problem, hope this is better.  Just a clumsy Newbie