Just to make sure before migrating to Gatehub

[Guest]

Before migrating to Gatehub I would like to verify my understanding of the following points. Can you please confirm/correct?

1.  My funds in the RCL are linked to my secret key. After RT has closed I can always access my funds in the future by using my secret key in another wallet/gateway

2. My public key in RT is also linked to my funds. If I send XRP to my public key (even after RT has closed) it wil be added to my funds in the RCL

3. For any gateway/wallet to work they will have to have access to my secret key. This means that for example Gatehub, although they seem trustworthy, could theoretically pull a MtGox. So the question is, do I trust Gatehub like I trust RT?

If my reasoning above is correct I am thinking for the time being of only migrating one of my RT wallets to Gatehub to see how I like it and leave the bulk of my XRP 'dormant' in the RCL.

 

Edited December 26, 2015 by Guest

[Hodor]

Agreed - I'm also concerned about point #3. 

[enej]

Hi  Annevanzwol,

let me try and answer your questions:

1. Yes you can always access funds on other wallets/clients using secret key. I recommended to make a secure copy of your secret key and store it safely (if possible not on your computer). Read more here (last two titles): https://ripple.com/knowledge_center/password-recovery-and-your-secret-key/

2. Yes funds can be sent to your public key (address) even if that address is not stored in any wallet.

3. It is true that for any wallet to work it must have secret key imported. GateHub stores your secret keys similar as Ripple Trade. Long story short - secret keys are encrypted with your password and recovery key. GateHub does not have a backdoor to unlock your secret keys. While we can recover personal information, hosted wallet balances and everything else - we will never be able to recover your secret key in case you forget your password and lose your recovery key.

So theoretically GateHub Wallet and Ripple Trade are similar when it comes to security of ripple wallets. I would recommend however to keep large amounts of XRP's on a so called cold storage wallet. There is a great topic on how to create one here: https://forum.ripple.com/viewtopic.php?f=19&t=8733

Enej

 

[stuffie]

>  GateHub does not have a backdoor to unlock your secret keys.

They say they haven't, but they could create one. There are several ways "some gatehub programmer" could get access to your funds, e.g.:

• When you login, they could store your login credentials somewhere else.  
• When you enter your secret key to create a new wallet, they could store it somewhere else.
• When you request to show your secret key within the application, they could store it somewhere else.

However, every bank can access your funds and transfer it to another account. It is all based on trust. So why do you trust Ripple Trade? And why shouldn't you trust Gatehub? 

There is NO WAY to be 100% certain that your money is safe on a bank. 

Watch "Office Space".

 

 

Edited December 26, 2015 by stuffie

[Morty]

Nothing is 100% certain.

You could get hit by a bus. If you die your ripple will be worthless to you.

I know a few wealthy people who are so obsessed with the thought of losing their money that it consumes them and takes their happiness. 

Just do your best to be as secure as possible and enjoy life.

[yvv]

Quote

If you die your ripple will be worthless to you.

What??? God does not like XRP?? Guys, game is over for XRP! Dump them now!

 

[Guest]

30 minutes ago, stuffie said:

There is NO WAY to be 100% certain that your money is safe on a bank. 

Not looking for 100% certainty. If I wanted 100% certainty then i wouldn't have invested in XRP in the first place. However there are a few differences in my opinion between Ripple Trade and Gatehub. 

Ripple as a company has been scrutinized by many financial institutions over many years now. It is backed by some big names like Google ventures. Microsoft is involved etc. It can not afford to pull a MtGox or it will loose it's credibility and it's market position with a big number of high profile clients very fast.

From what I have seen Gatehub seems trustworthy however it does not have the above 'track record' yet. On the other hand they have Chris Larsen backing the company which counts for something. Also enej's prompt and transparent reply helps building trust. 

[Jazz]

6 hours ago, enej said:

 

So theoretically GateHub Wallet and Ripple Trade are similar when it comes to security of ripple wallets. I would recommend however to keep large amounts of XRP's on a so called cold storage wallet. There is a great topic on how to create one here: https://forum.ripple.com/viewtopic.php?f=19&t=8733

Enej

 

1.Maybe at the moment  its safe, but what if XRP rise in Value ?  2. If i need a cold storage, why should i go to Gatehub ?

[Altcoinbonanza]

My wife will get all my ripple lol. She is well educated in this field.

Sent from my SM-N910P using Tapatalk

[Altcoinbonanza]

 

So theoretically GateHub Wallet and Ripple Trade are similar when it comes to security of ripple wallets. I would recommend however to keep large amounts of XRP's on a so called cold storage wallet. There is a great topic on how to create one here: https://forum.ripple.com/viewtopic.php?f=19&t=8733

Enej

 

1.Maybe at the moment  its safe, but what if XRP rise in Value ?  2. If i need a cold storage, why should i go to Gatehub ?

Awesome. Great. Thanks for the info on this paper wallet storage.

Sent from my SM-N910P using Tapatalk

[Guest jarvis]

1 hour ago, yvv said:

What??? God does not like XRP?? Guys, game is over for XRP! Dump them now!

 

Like lobbyist in DC, i was hoping to buy my way into heaven.. Damn it, why didn't someone tell me i couldn't take it with me..

[Altcoinbonanza]

Maybe if your a pharoh?

Sent from my SM-N910P using Tapatalk

[Morty]

37 minutes ago, Altcoinbonanza said:

Maybe if your a pharoh?

That's why almost all tombs are empty. They took it with them.

[Altcoinbonanza]

Maybe if your a pharoh?

That's why almost all tombs are empty. They took it with them.

Lol

Sent from my SM-N910P using Tapatalk

[T8493]

3 hours ago, Jazz said:

2. If i need a cold storage, why should i go to Gatehub ?

Because you'll probably want to buy or sell some XRPs in the future. However, you shouldn't use you cold storage account for buying/selling.

Edited December 27, 2015 by T8493