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Hey I got a question about Gatehub and about IOU's if using the desktop wallet

If I have XRP, EUR & USD on my Gatehub acct.  I have backed up my secret key.

Lets say Gatehub disappears, I know by having my secret key I can restore my XRP with any other XRP wallet, but will my EUR & USD be able to be restored?

Same goes for trustlines I have setup within my Rippex Wallet, I have XRP, EUR, USD, ETH

Lets say I have funds with my USD.Bitstamp or EUR.Gatehub IOU, either company disappears, I want to cash out, can send it back to Bitstamp or Gatehub, Would I just purchase BTC or something else and move from there?

 

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1 hour ago, pucksterpete said:

Hey I got a question about Gatehub and about IOU's if using the desktop wallet

If I have XRP, EUR & USD on my Gatehub acct.  I have backed up my secret key.

Lets say Gatehub disappears, I know by having my secret key I can restore my XRP with any other XRP wallet, but will my EUR & USD be able to be restored?

Same goes for trustlines I have setup within my Rippex Wallet, I have XRP, EUR, USD, ETH

Lets say I have funds with my USD.Bitstamp or EUR.Gatehub IOU, either company disappears, I want to cash out, can send it back to Bitstamp or Gatehub, Would I just purchase BTC or something else and move from there?

 

Short answer is no. If a Gateway goes under they is no one to redeem the IOU. This is one of the reasons of price variation between similarly issued assets, the trust in the continues and honest operation of the Issuer.

Now that being said sometimes defunct IOUs continue trading (SnapSwap's for example), I have no idea why- I can only assume its a game of Russian roulette with users trading to trade on a dead market before they are completely caught holding the empty bag.

 

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On 28/04/2017 at 0:21 PM, namini said:

If you want to generate a keypair online:

https://bithomp.com/create

1

It's also possible to run from github

https://octillionsa.github.io/generate-ripple-wallet/

works also offline if you download the source code and open index.html in your browser.

https://github.com/OctillionSA/generate-ripple-wallet

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Way back in the day I purchased XRP from ripple labs on their orginal exchange that later shutdown. I recently opened a gatehub account and successfully imported my orginal wallet using the secret key. I also set up the two factor auth. (2FA). Is it okay to just leave it as it is now?

Or should I transfer XRP to another wallet? My secret key continues to be secure and safe, and with 2FA in place I figure I just leave everything where it is.

Thx!

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...Thank you for your answer.
Unfortunately, I have found nothing in the chat. Pls. give me a hyperlink to the discusion.

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Hi, I'm a newbie here. I've read a few topics about creating paper wallet (not desktop wallet). But I'm not sure if I understand them correctly. So I'll repeat the process in a newbie way so that you guys can point out what's right and what's wrong, then I'll follow it.

1. Go online, download a wallet generating tool, as mentioned in this topic: https://github.com/whotooktwarden/generateSecretOffline
2. If possible, copy the tool to an USB stick, then move to an offline computer that is clean of virus (can be skipped)
3. Stay offline, open the tool by a browser, then generate the "key-pair", one of which is a public address starting with the letter "r", the other is the secret key starting with the letter "s"
4. Write down and keep the secret key safely, use at least 2 paper pieces
5. The public address can now be used to deposit/receive XRP like any other hot wallet and can be monitored (check balance, history...) via some websites
6. If the owner want to withdraw XRP, simply create a new hot wallet, then import the cold wallet by using the secret key

Is that all? Please correct me if I'm wrong. Many thanks!

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Newbie question (My apologies if this is not the proper place to do so!): Can I use Gatehub to both purchase and store XRP? Or would I need to use Kraken first to purchase XRP and then store it onto Gatehub? And what exactly defines a "gateway"? Thanks.

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7 hours ago, Galahad said:

Newbie question (My apologies if this is not the proper place to do so!): Can I use Gatehub to both purchase and store XRP? Or would I need to use Kraken first to purchase XRP and then store it onto Gatehub? And what exactly defines a "gateway"? Thanks.

Check out the links & resources tab for more info and guides.

Gateways are the direct on ramps to ripple, and place funds onto the network on behalf of users. Some gateways like Gatehub also have wallets for users to store funds. XRp can be purchased with any ripple issuance, so yes Gatehub can both purchase and store XRP

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Hi there,  I have saw statement in pucksterpete post: "Lets say Gatehub disappears, I know by having my secret key I can restore my XRP with any other XRP wallet". Is that true? Does any other xrp wallet can be on other platform? By "Lets say Gatehub disappears" does it mean to disappear forever, and I can still restore my stored xrp? Thank you

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On 5/21/2017 at 9:35 PM, Zerpiron said:


6. If the owner want to withdraw XRP, simply create a new hot wallet, then import the cold wallet by using the secret key

 

1

You're right until here. You aren't "creating a new hot wallet and then importing the cold wallet into it," you're making your cold wallet hot by exposing it to an internet connected computer and then importing it directly. The secret key *is* the wallet. The wallet software just allows you to use it to interact with the network. If you wanted to have your cold wallet remain truly cold, you would actually make a new hot wallet (generate a new keypair with secret key and address and write both down), then use offline transactions (

) to send however much XRP you want to withdraw from your cold wallet to your new hot wallet without ever having to expose the cold wallet to an internet connected computer. You can then use this hot wallet to transact with whoever you want. You could also use offline transactions to send however much XRP you want directly to another wallet if you already know where you want it to go, without going through a new hot wallet that you own first.

Edited by gray

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Hi Guys.

I have few questions regarding the 3 keypair generation GitHub fork options mentioned in this post. Third question is the most important to me.

  1. Are they used by the community here?
  2. Are they confirmed to be safe?
  3. How can I test that the secret key that it is correct?
    I know I can send the money to the public key and then check online if the money went through BUT how do I find out that the secret key paired with it is correct? WITHOUT having to use a desktop wallet, exchange or any other online sollution? Is there a offline way of testing the validity of the secret key against the public key paired with it?

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7 minutes ago, FateTrader said:

 Is there a offline way of testing the validity of the secret key against the public key paired with it?

Yes...  and you are correct that you really really should do that.

After you've sent say twenty-two XRP to the cold wallet you can use the cold wallet to generate an encrypted offline transaction to send say one XRP back to the source online wallet.  Once that works you know that the two keys function properly and you send the rest of the funds.

You can use a USB stick to take the plain text transaction blob to an online wallet or better yet you can generate a QR code of the transaction blob and photograph that then either convert back to text and import or there are ways to directly run the qr transaction.

I'm sorry I don't have links but the info is all here....  you will need to look through the site to find it though.

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