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AdamM

Gatehub is broken, stay away

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9 hours ago, pucksterpete said:

I use Rippex wallet to trade and move my IOU's to Gatehub

Having an account on Bitstamp and Gatehub makes for some GREAT arbitrage opportunity!!! :) 

Can you share some details on how you accomplish this with Rippex? I posted a question on this in the software section.

Or if you have any guides you can point me too, that would be appreciated.

Message me directly if you like, so not to plaster it here.

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4 hours ago, elias said:

So if GateHub has bad liquidity that means the XRP Ledger itself has bad liquidity.

Why does the XRP Ledger have bad liquidity - is it because the interfaces to it like GateHub are badly designed? Would people still use Polo, Kraken etc. over GateHub even if GateHub had decent liquidity?

The KYC hassle being larger @gatehub ?

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15 hours ago, tulo said:

I think before using Gatehub you had to understand what was going on.

  • Gatehub is basically a UI. It interacts with Ripple network, so you are actually trading IOUs on XRP ledger. The volume is not related to gatehub but to XRP ledger volume.
  • There are multiple ways to get funds out. You can also buy on XRP ledger USD/BTC of Bitstamp and withdraw them there for free.
  • Also the SEPA from gatehub is basically free, I don't see why you say 2%,5.9% ad so on...
  • The funds don't "move using XRP"...

To let us help you you should tell us which IOUs you have and where you want to move them. 

I don't know much about the IOU's process, how to manually create these... all I did was use bitstamp to check XRP / USD wallet address with dest tag, on gatehub I hit send payment to XRP address and selected USD.  There's no other way to do it on that platform within the gui and when I did the dry run with a small amount it cost 3%, when I went for a larger amount that's when the higher transfer rate ballooned.

You can see the transaction on ripple, it was linked in my op.  Why are the charges so high, who is pocketing the profit?  It was sent on ripple network, beyond that I don't know.  Something I do know, when I use flash-fx, I use the exact same process.  I used a XRP address on gatehub, I selected USD on flash-fx and I got the exact same amount of USD value sent and received on gatehub.  Why is that any different?

From my perspective, something dodgy is going on there... somebody is making a lot of money for doing nothing.  It's reasonable to expect that sending 1 USD from one place to another wouldn't cost 1% let alone the 5.9% I saw on gatehub.

ghsend.jpg

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Things have been really slow at Gatehub for the past couple of weeks. Liquidity was never great, but it's taken a dive since late August. At first I thought it was just an end-of-summer lull but that's clearly not the case.  Still, I think the success of Gatehub would be positive for Ripple and, therefore, for XRP holders, so I'm hoping things turn around.

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5 hours ago, AdamM said:

all I did was use bitstamp to check XRP / USD wallet address with dest tag, on gatehub I hit send payment to XRP address and selected USD

What you mean with sent payment to XRP address and selected USD?

With XRP address you mean a ripple address?

EDIT: I saw the transaction. You were sending USD.Bitstamp using USD.Gatehub. At the moment the USD at gatehub have less value than the USD at Bitstmp so there you got the "fee" related to the spread of the two markets. If you want better prices you can place an offer to trade USD.gatehub vs USD.Bitstamp at the price you want and then wait for the order to be taken. Otherwise with payments you get an instant payment but at the market price. Nothing fishy going on, only bad understanding on how XRP ledger works.

Edited by tulo

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