Financial Statement of XRP Value

[vrippled]

Has anyone using Gatehub ever tried to attain a financial statement showing the net value of their XRP holdings?

My bank needs to verify the net value of my Ripple XRPs held currently in my Gatehub wallets as a financial asset.

Or perhaps gateways typically don't provide these kinds of statements? 

Edited August 19, 2017 by vrippled

[Guest]

Tell your bank to go buy their own xrp, and start using it. Then they'll know the true value of it.

Edited August 27, 2017 by Guest

[deepinripple]

2 hours ago, vrippled said:

Has anyone using Gatehub ever tried to attain a financial statement showing the net value of their XRP holdings?

My bank needs to verify the net value of my Ripple XRPs held currently in my Gatehub wallets as a financial asset.

Or perhaps gateways typically don't provide these kinds of statements? 

I don't have an answer for you however I am interested.

Is the bank willing to consider XRP as collateral for a loan of sorts? I guess banks are waking up to the fact that crypto is a new asset class.

Could you tell us the name of the bank?

Edited August 19, 2017 by deepinripple

[vrippled]

I live in Canada and dealing with BMO Bank of Montreal.

My sense in speaking with the bank loan manager is that while they are cautiously open to considering cryptocurrencies as legitimate assets, due to the fact that cryptocurrencies are not a "traditional" asset considered for collateral, they're seeking a way to verify their declared value.

...I should also check to see if there is a way to print out a report or statement from within the Gatehub account. 

[deepinripple]

Thank you.

Good to see they are cautiously open to considering cryptocurrencies as legitimate assets.

[Guest]

My first thought was just show them the Google price search then show them the Ripple charts explorer of your account.  Multiply.

But then I realised I could show them a big wallet (so unfortunately...  not mine....   ) but that wouldn't prove I owned it.

You'd actually have to transact with the wallet to prove ownership.

Is there a business opportunity there?  A verification of wallet ownership service?   Interesting times ahead as we move into a cryptographically proven world.....

[vrippled]

14 hours ago, Tinyaccount said:

You'd actually have to transact with the wallet to prove ownership.

Tinyaccount, are you saying there is a way in Gatehub to print out a statement of the transaction that shows ownership? Could you please provide the step by step instructions to do this? ?

[Guest]

1 hour ago, vrippled said:

Tinyaccount, are you saying there is a way in Gatehub to print out a statement of the transaction that shows ownership? Could you please provide the step by step instructions to do this? ?

Nah sorry...  What I was saying was that you can show them a wallet address and the balance but that doesn't prove you own it.

The only way I can think of to prove ownership of a wallet (and there may well be a smarter ether way cryptographically) is to have them make up an unusual amount (eg 1.26427 XRP) and then you send that amount out of the wallet to an address of your choosing...  (another of your wallets, a charity, whatever)

The fact that the amount matched and it came out of the wallet in question proves it was you.  Cumbersome and slow but provable.

[Guest]

Actually I suspect the bank won't be savvy enough in crypto to realise that you could show them David Schwartz's wallet and claim it as yours.  A balance statement would prove nothing.

I don't propose you do that by the way....  

[RDS]

22 hours ago, vrippled said:

Has anyone using Gatehub ever tried to attain a financial statement showing the net value of their XRP holdings?

My bank needs to verify the net value of my Ripple XRPs held currently in my Gatehub wallets as a financial asset.

Or perhaps gateways typically don't provide these kinds of statements? 

i agree with you about the requirement of financial statements, to be honest, that should be available as an option on Gatehub website to generate pdf yearly statements, as we will need it come tax time, once we sell the xrp, taxmen will ask us about details of purchase price, selling price, date of buying and costs, in nutshell, without statements, it will be impossible to prove anything. so @enej please add the statements option on gatehub. 

[vrippled]

For now, I've submitted a request ticket into Gatehub customer support to help provide me with the XRP value balance statement my bank needs.  ...I don't know how quick or responsive Gatehub's customer service is. Hoping for their customer support to come through ?

[Guest]

If you only need statements then a dirty substitute maybe is screen shots?

[RDS]

Gatehub's customer service has become so bad that some times i can not understand, what Ripple saw in gatehub, I lodged request with gatehub team for financial statement 2 months ago but did not get any response,  then i lodged request to @enejfew days ago in personal message and even that was ignored, I cant imagine how can they treat their customers like this. 

[SimpleLife]

Bithomp.com will show the value of an address in the "Ripple Explorer". You'd still have to prove it's your address though.

[Rchopra]

6 hours ago, SimpleLife said:

Bithomp.com will show the value of an address in the "Ripple Explorer". You'd still have to prove it's your address though.

I am not sure bithomp info will be acceptable by tax office, why cant u get a simple statement from gatehub, even a two bit company website offer that option to its members, unless they dont want to generate proof of people of balances with them.