XRP Toolkit and Songbird

[AnnXRP]

Hi,

This is my first post and I hope someone can help me. I traded some XRP for SGB using the dex on the xrp toolkit and wanted to send the SGB to my Bifrost wallet. I scanned in the Bifrost deposit barcode and it was correct but I got a message "invalid address" on the toolkit. 

Is this maybe because it's an 0x address? I don't really understand what the problem is. Is there any way to get my SGB from the XRP Ledger to Bifrost? 

I was going to sell the SGB back to XRP and send the XRP to Bitrue but there's no buyers for it right now so I'm stuck!

Grateful for any words of wisdom.

Thanks,

Ann  

 

 

[thinlyspread]

Yes, essentially, you are using two different networks: XRP(L) and Songbird. 

What you own is an "IOU" (for "real" Songbird) issued by (I assume) Gatehub, an exchange. So the way to redeem the SGB you have is through their platform. It's like owning a USD IOU of Bitstamp, or a EUR IOU from Gatehub, etc. 

So you can hold SGB on the XRPL as an IOU but cannot send it directly from there to Bifrost, only to other XRPL wallets. 

Does that make sense? 

[thinlyspread]

As far as there being no buyers. Yes that is a problem. You have to check the 'liquidity' in the orderbooks before you buy/sell any asset. Sometimes you can get "stuck" one way (e.g. in your case after buying) because there is no one else willing to buy when/if you sell.

So perhaps your best route is... opening a Gatehub account and importing your XRPL private key (very carefully) that holds the SGB. Then you can use Gatehub (who hold the "real" SGB) to withdraw SGB from Gatehub into Bifrost or whatever.

[AnnXRP]

Thanks so much for your reply. I've gone through the whole rigmarole of opening a Gatehub account and from what I can see I'm going to have to leave 10 XRP there, is that correct? The last thing I want is yet another XRP account as I was only trying to send a fiver's worth of SGB (I'm compounding my SFIN so often that the gas fees are mounting up so I just wanted to do a top up).

Or am I missing something? 

 

[JASCoder]

9 hours ago, thinlyspread said:

As far as there being no buyers. Yes that is a problem. You have to check the 'liquidity' in the orderbooks before you buy/sell any asset. Sometimes you can get "stuck" one way (e.g. in your case after buying) because there is no one else willing to buy when/if you sell.

So perhaps your best route is... opening a Gatehub account and importing your XRPL private key (very carefully) that holds the SGB. Then you can use Gatehub (who hold the "real" SGB) to withdraw SGB from Gatehub into Bifrost or whatever.

You can also use Sologenic's DEX (see link below) to place LIMIT orders, then you will either get your price, no action, or partial fill - WAY better than just blindly making an "at-market" trade at an unknown liquidity market 

https://sologenic.org/trade?market=XRP%2FSGB%2BrctArjqVvTHihekzDeecKo6mkTYTUSBNc