Absurd exchange rate when trying to send bitcoin payment on Gatehub

[Gatehubguy]

I have a balance of 1.4 Bitcoins (snapswap) in my Ripple wallet on Gatehub, and when I try to send an external payment there's an exchange rate of 6.6, which occurs even when I try to send the bitcoin to my alternate hosted wallet - which means I can't send any more than .2 of the 1.4 total and the rest is simply lost.  I can't seem to find anyone else this has happened to.

 

Thanks for any help!

 

Edited May 11, 2017 by Gatehubguy

[Hodor]

1 hour ago, Gatehubguy said:

exchange rate of 6.6

I'm having trouble following... can you elaborate on the rate?  6.6 percent? Of the total value exchanged?

[Eik]

You can only exchange BTC.snapswap (=BTC.btc2ripple) to BTC.Gatehub at an exchange rate of 6.6:1.

This is because no-one really wants BTC.snapswap anymore. Snapswap stopped as gateway, I am not sure if there is any way to redeem them other that via the 6.6:1 exchange rate on RCL. I have missed that period when snapswap stopped, but I am sure other people on this forum can help you out with that.

[Professor Hantzen]

This situation is enjoyed by everyone who holds BTC.snapswap.  The only thing you can do, is place an order on a BTC.snapswap / XRP or BTC.snapswap/XXX.anything orderbook and hope that it fills at some point.  Many people will give you the answer that you're screwed and you will never get your funds back.  That is not the case if you're prepared to wait - check the history of BTC.snapswap/XRP - you'll see that it sometimes crosses fair prices (to be sure of that you need to cross-reference another book such as BTC.bitstamp/XRP to see if the price at a particular time was roughly equivalent).

Also important to note - you MUST set up the no_ripple_flag correctly on any accounts that have ever trusted snapswap for anything.  Otherwise you may check your balance one day to discover your BTC or USD funds have "rippled" from your non-snapswap IOU and become a snapswap IOU instead.  This flag is comprehensively explained here:  https://ripple.com/build/understanding-the-noripple-flag/

[Eik]

You can also wait until XRP is valued at 1.5 USD and take the 1108 XRP/BTC offer But be sure the offer still stands than.

Btw. Gatehub also shows the price you can get from the indirect path, from BTC.snapswap -> XRP -> BTC.gatehub (synthetic orderbook / auto-bridging)