Incredible but true

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Incredible but true
I don't quite understand what's going through these freaks' heads.
LEDGER just announced a recovery feature that allows Ledger to back up seed phrases, read further here.
To do this you "only" have to give them your "Seed Phrase" and your Identity Card... the strange thing is that they don't ask for your ass too...

At the moment it is an optional feature only for LEDGER NANO X and citizens of the USA, EU, UK and Canada (LoL).

I understand that the regulators should be behind all this and blah, blah, blah... however, what's the point of having a HARDWARE WALLET if someone else guards your seed and your private data... even worse if the proposal comes from a company that is famous for its Data Breaches in the past.
Little by little we are losing the sense of why we are in crypto.

Ok, it's clear that the LEDGER drift is being counterproductive for any crypto user...I'm going to have to move my BTC to a more reliable hardware wallet...I'm thinking of BITBOX02 but I accept your suggestions if you have any better one.

@toofasteddie

hive-167922 bitcoin blockchain cryptocurrency hive cent life vyb proofofbrain neoxian
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16 comments
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🙌🏻 Well you are right, whoever gives Ledger their seed phrase hasn’t understood the idea of crypto. But if it’s only an option, why change to another ledger?

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Well, it's clear that next step for them will be to oblige you to pass a KYC in order for you to use the ledger live, but this will come later on

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You think? Would that mean you cannot even withdraw coins without KYC? When do you think is that likely to come around?

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No idea, but I am sure it will happen soon or later

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Trezor?

That's what I use. Useful for MM too.

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yep, TREZOR is a good option as well and has the coinjoin feature which is amazing, however, there have been some phishing issues lately

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I'm still using Exodus. Couple this with the latest Mica regulations for EU and crypto won't be nothing more but a highly volatile taxable digital asset.

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Regulations will come definitely for crypto and KYC would be must for all the wallets. After all government always wanna want tax from us whatever way it can.

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I am glad that I didn't buy a ledger or a hardware wallet yet. It doesn't make sense to give them the SEED phrase for anything crypto wallet related because it won't be owned by you anymore.

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  • after the backlash they will probably make a standa alone device leaving the rest untouched
  • the issue is also the hardware wallet business modell: you only pay once for the device, but who pays the bug fixes and updates for the next 10 years? Ledger Live has alot of (unecessary) gateways to exchanges and promotions i dont want, but they make revenue stream out of it. same goes for ledger recovery (10$ per month i think tolls the service)
  • bitbox has very limited coin set (btc, eth, ltc, ada, chainlink), only main competitor Trezor has bad UI (imo)

so far there is no technical breach for users who DONT have this feature activated, i will probably keep on using ledger devices.

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Me too but I want to be ready in case they pass another no-way limit

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You are absolutely right that the ones that our assects should be kept in a special place in the ones that belong to us otherwise people will blow it away. I still use meta mask to keep my crypto save.

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