Is Ledger Finished? (Ledger Recover)
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- Опубліковано 11 лип 2024
- Create A Foolproof Exit Strategy In 90 Minutes - lewis-site-9af0.thinkific.com...
Disclaimer: The content provided in this video is for informational purposes only and should not be considered as financial advice. The views, information, or opinions expressed during this video are solely those of the individual presenting them and do not necessarily represent those of Lewis Jackson. I make no representation as to the completeness, accuracy, or timeliness of any information discussed in this video. I am not a financial advisor, and any financial actions you undertake should be based on your own research and consultation with a professional financial advisor. I will not be held responsible for any financial losses or gains you may incur as a result of the content provided in this video.
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Video Edited by @TheCreatorHub1
Disclaimer: The content provided in this video is for informational purposes only and should not be considered as financial advice. The views, information, or opinions expressed during this video are solely those of the individual presenting them and do not necessarily represent those of Lewis Jackson. I make no representation as to the completeness, accuracy, or timeliness of any information discussed in this video. I am not a financial advisor, and any financial actions you undertake should be based on your own research and consultation with a professional financial advisor. I will not be held responsible for any financial losses or gains you may incur as a result of the content provided in this video.
They should have just created a new device like the Ledger Nano B (for beginner) that would have this function... and that would have kept the trust of all the OGs
YUP! Ledger Non-B.S. or Ledger No-brainer-Y.
Instant response, very clear and well explained like a 5 years can understand LEDGER. Thank you.God bless you
Thank you!!! I was thinking the same thing. Just wait this out and see what happens
Lewis, you are so awesome! Thanks for all you do and thanks for the Caleb & Brown info. Talk about Value!
Absolutely stellar breakdown. I agree with your take on this. If DLT will become the new normal in finance they need to find a way to diminish the difficulty of use and risk of losing funds. Before those are addressed it can't become fully adopted.
I really enjoy listening to you beginner videos and sharing them with my friends. It has been clarifying things for me, too, even though I've been investing for over a year, lol. It's plain to see how hard you're working to learn this info. It's so appreciated. Im not a member of your patrion yet, but I am going to join. Thanks for all of your hard work, Lewis!
Thank you Lew! I’d been seeing headlines about this and like ‘aaaghhhh’ what now?! I have an X and I soooo appreciate your level headedness, clear information and every vid on your channel 🙏
Great video Lew! Thank u for keeping us up to date on the latest.
If you think about it, when you purchase a cold wallet, you’re pretty much trusting the company/manufacturer that the wallet is sealed and never been opened or tampered with; although there really is no way to know for sure that there is no backdoor… this applies to ALL cold wallets manufacturers
You got it Chris. I purchased a Nano X and lost 44,670 XRP. I believe it was corrupted somewhere between mfg and receipt.
@@richardnimmo7572 Wow! Did you buy it directly from Ledger (the company)?
Very well put... The idea had crossed my mind too, which only felt weird as it had never once occurred to me before .. wake up call, I wasn't so awake after all 😂
@@johngiz6054 If the Ledger already has the pin# set and seed phrase written down when you open the package, it's hacked. You can also get hacked if you update the firmware from a location other than the ledger website.
What about tangen which is open source code and has no recovery seed? Just 3x back up cards.
Great content, well done.
I’m with C&B I have an allocated broker but I’ve yet to transact with them, but now after watching this I’m going to test them out like you are doing.
The voice of reason! I can imagine Lewis heard the news cracked his knuckles and deep dived into research. This is the kind of voice we need when there's so much noise.
What if ledger announced this whole thing...but it was with Polysign? Would people have had a meltdown?
Well, I will keep using ledger and ledger live but opting out slowly.
Even today I ordered a new different hardwear wallet. I am diversifying my storage.
What wallet Buddy?just curious
It's a storm in a teacup. There is however a general move against private ledgers beginning as they herd everyone towards institutional custody storage, which will be as "safe" as a bank- if/when they go bust and do bail-ins....
Correct, eventually all or most of crypto will go to custodians. I’m waiting for ripple and polysign to take up this role to stake or lend my crypto with them, once there is clarity of course
@@chrisfarley510 so where can we safely keep our digital assets? Short term , so we don’t have to be in bondage in the long term.
Forget Polysign. They bought another company
Thank you for your hard work
ɪ'ᴍ ᴏᴘᴇɴ ᴛᴏ ɪɴQᴜɪʀʏ ᴡɪᴛʜ ᴛʜᴇ ᴄᴏɴᴛᴀᴄᴛ ʟɪɴᴇ ᴀʙᴏᴠᴇ🎉🎉
Ledger & MiCA - EU's new regulation...
No secure enclave for the private key on Ledger devices, now we KNOW that Ledger has the capability to export the seed phrase whenever they choose. Ledger has to stay compliant with MiCA - EU's new regulation for crypto-asset implementing a way for funds to be potentially seized via your seed phrase. One could say “DON’T enable this feature” but it’s obviously already implemented in the hardware and source code…
Some great advice to pause, collect your thoughts and gather more info. I have to do the same thing. As far as ledger, I have one and an Ellipal Titan. I think having two cold wallets is insurance in case of something happening that could jeopardize my holdings. Just a thought, but it helps me sleep at night.
It's optional until it's not. This is a test in their hopes to create a subscription service that will generate revenue. But this attempt to create more revenue for the business now goes against Ledger's entire purpose and business model. Like all solutions and newly "optional" services/features. It is optional until it isn't. Money always corrupts.
Thanks for the level headed, considered, balanced information. I love the sign off "Stay emotionless"!
Thank you 👌🏽
Ledger would do better if they concentrated more on developing their products such to have the ability to be able to buy and store XDC. Apparently, they’ve kept saying for quite sometime now, that this functionality is coming soon. However, unfortunately everyone is still waiting with anticipation and baited breath for this to happen; that’s if in fact it actually ever does.
DCENT WALLET has xdc and many others its a great option with finger print security options ..took a little to get use to an android based wallet but im happy as with it
DCENT for sure, but I had to convert XDC to XLM to send to DCENT and then swap back to XDC
@@brentellison6348 i sent xdc to a soft wallet first then from there sent to dcent with no conversion or what ever i havent heard of what you said before interesting
The issue is the updated firmware will have the capability of sharing your phrase even if you dont opt in. You must update your firmware for it to be compatible with latest apps and for security purposes. Basically ledger can no longer be used.
Appreciate your calm intelligent rational views. Quite refreshing.
You don't have to use the option of them holding you keys that's a personal choice and for the elderly that would like to have the difficulty of holding your own keys and are on top of the security end of it all then that's on them.
Great video Lewis, I’m using C&B and have been for some time now. I have found them to be very professional and excellent in communication.
Hi Lewis I worked with them, when I asked for my coins back they were very prompt, their communication was very prompt too which I appreciated. I had wondered about reusing them I wasn't sure how guaranteed their storage was as a third party that was my only question mark
Thanks Lewis/ outstanding!!!
I've had multiple conversations with Caleb and brown. I'm glad you brought them up. I was iffy on them since no one spoke on them. I thought they were a great option
They are working on mobile app I actually have a account. From my dealings I liked what I heard but more videos on them lew would be 👍
Ledger made a big mistake in not clarifying things, and now a horde of dummies have spread inaccurate information throughout social media. These are new OPTIONAL features that ledger has added, while I think they are not features in line with the interests of their customer base, it's not the tragedy that everyone is making it out to be.
Exactly overblown
@@jerryczech953 Even if they stopped support for an older device your security phrase will always work to recover your crypto onto a new compatible device.
It is the capability of Ledger to share seed phrases with other companies that is the problem. It’s not about the opt-out options
@@genewaylife7188 I wouldn't refer to it as an opt-out option, I would refer to them as an opt-in option. You have to opt-in for these features, they are not automatic. Like I said these options are not likely in line with majority of their customer base, although people are acting as though ledger has already handed out everyone's private keys, which is absolutely NOT the case.
Yeah, but the backdoor is already there in ur Ledger software. They should have made a separate device for this service and called it "Ledger for Dummies XXX"
Does Nano S phrases leave the device? What happens when your device is connected to Ledger live? The device has to have an ID and I'm not so sure they cant access your device through a back door. ELLIPAL has a phrase generator available which is separate from the app and the device. I just have a hard time believing that Google Play isn't recording a bunch of things as well connecting the Google account holder to the app and seeing from behind the curtain which letters and buttons your pushing.
So difficult to navigate these waters going ahead appreciate the level headed content as always Lewis, very interested in Caleb & Brown plus I love the old school idea of calling up to sell that experience alone would be worth the extra fee 😂😂
Thanks for the video
Here is the problem with it though. If the capability is there, but I opt out, then they already have my phrase whether I opt out or not. That's what is not cool.
All key wallets from your hard drive to a USB chip cannot be trusted 100% so you have to choose what you believe to be the safest, that's all one can do. I will be sticking with the Ledger nano s plus for now but I will be factory resetting it, rolling back to the factory original firmware version and won't be updating it nor the app version.
You also have to think that ledger customer support has dealt with a large quantity of people of have lost their nano’s and with that, their crypto as well. And to help avoid the issues of losing all that crypto permanently, they release this new optional feature.
The serious investors won’t lose their keys or their nano’s.
Ive got the original S, ive never updated it, even dcent i do t ever update it
The old antiquated Nano S is probably the safest wallet out there . Can’t even be updated… there’s a reason they don’t offer it anymore.
its safest. I stay with Nano S. and never update. they can f.o.
How do you know that S+ hasn't the same chip as S with extended memory? They never show off that created new chip for S+.
No updates for Nano S doesn't mean the chip doesn't works the same way.
Dude, You really looks like Dr. Jackson from Stargate SG1. Oh, great videos by the way.
The problem here with Ledger is that there is a backdoor on the devices, even if we choose to opt in or not, there is a backdoor for governments to come in and seize specific wallets if they want to. And this a problem that needs to be solved!
ᴇɴᴅᴇᴀᴠᴏʀ ᴛᴏ ʀᴇᴀᴄʜ ᴏᴜᴛ ᴛᴏ ᴛʜᴇ ɴᴜᴍʙᴇʀ ᴀʙᴏᴠᴇ........ 🎉🎉ʟᴇᴛ'ꜱ ᴛᴀʟᴋ ᴍᴏʀᴇ
Don't forget the hackers that hack a PC and then attack the Ledger. Since the Ledger has a builtin mechanism to extract the secret key... there is a high probability that you lose all your funds.
I was wondering why you seemed so cool with this until you mentioned you were storing xrp on it. I think this is a great tool to store your xrp carry on good sir.
Please do a tutorial series on paper wallets for specific cryptos. With links to the sites/software. Thanks!
Hmmm...let me see if I understand this. I'm not supposed to use an exchange like Coinbase to store crypto because THEY have the keys to my crypto, but if I use cold storage and give access to my seed phrase to Ledger then THAT is supposed to be OK??? What then is the purpose of Ledger cold storage?? Dumb idea. Owning crypto demands personal responsibility. You become your own bank. When you trust banks to custody your crypto, then MAYBE this idea could be used with them.
Hey Lewis love the video, what do you think of Crypto Wendy O’s recent video regarding this new ledger feature ? She is saying that regardless if you option in or not even if you don’t it’s still built in and technically there is a back door. I want to think it’s non relevant since I disagree with that option and want to think
My keys are safe buts it’s still raising concerns. Also she mentions paper wallets being more secure would you be able to a video on that topic ?
so u trade XRP instead of buying the coin and moving it to a wallet?
Just Relax Exactly !! People blowing this up and using as Click Bait Well said i think this was pre mature for where we are at in this industry
Lewis, you probably should have explained how c&b works. It sounds to me like theyre just another exchange. I dont trust exchanges. You said you send money to them.. you mean crypto? Or do you just promise to send crypto once they connect you with a seller. Sounds no better than an exchange.
Done my first test purchase of XRP with Caleb & Brown.....Stress Free and Easy. Won't be bothering with Exchanges again.
What are your buy orders at for XLM and XDC?
XDC
Sound advice.
Oh my God I can't believe this
For now it's fine there is risk with anything... even caleb and brown
Thank you LewDogg!
i thought that you wouldnt sell any XRP because your going to stake it to banks? what changed?
Why not just get a lap top and store crypto on that ? In the early days of Bitcoin , many put their BTC on their personal computer / laptop and that may be the best thing to do even though I do use Ledger ,I might get away from it . Don't lose your original Ledger by placing it in an area that others in your home can get it and play around with it and break or lose it, that way you will not have to get another one and go through the recovery process that can make it easy for your stuff to get stolen .Sure anything can happen out of nowhere to your Ledger, stepping on it ,dropping it in a glass of beer, your little puppy chews on it.. ,etc etc etc.....Lets have a video of the older style of putting it in a wallet on your computer totally off line ..
If anybody “thinks” that opting in is the only way they can access your seed phrase, you are vulnerable to a potential issue later.
very good
DCENT wallet ive found really really good with thumb print biio metric security options ...great stuff onece you have played around with it a while and got to know it ...they have a shit tonne of coins you can also add if there not in the default also has BSC binance smart chain for coins on that much much more
Glad I bought a D’cent wallet
Which wallet do you have?
Great glad I wasted the money on mine... new wallet it is
issue is not optional or not.problem is we dont know if they already had backdoor for all these years ,they may have all ledger users keys,its closed source ,only they know
Your anology that is just like a bank is the problem. Being Canadian, when the government seized people's bank accounts during the truckers convoy. Is exactly why crypto is necessary. Needs to be secure and only held by the owner.
Shakespeare said something in one of his book that applies here: “ to fall for FUD or not fall for FUD like a follower. That is the question”
Shakespeare has never said anything actually.
@@laurencemichelle6132 was he mute? I’m sure he could speak. Besides Fox News reported this at the time… it’s clear that I’m making it up and just passing a message in a funny way. Maybe you need to loosen up, like all those that panic. None of those that panic realize that it is all based on trust and other cold wallets can grab your keys without you knowing about it. Ledger is open this option giving the details of it and some panic and make it what it is not like what anxious people usually do: they see the tip of the iceberg and imagine the iceberg under the water that does not exist without realizing that D’CENT for instance could lie about where the key really is because. The danger could be under water and because they see no tip, they think nothing is under water… people are mostly not very smart and fudsters will turn them in total brainless riots destroying everything on their path like a heard of animals… it’s all very sad and pathetic. Cultures of apparences where it is known that people lie to appear better than things are like in parts of Anglo Saxon countries, are more likely to have those fudsters because they lie and believe everyone does and they will believe their imagination more than what they hear and see. Countries where people don’t hide anything and considered rude before speaking their mind will have fewer fudsters as a result. Ledger is French and people in france don’t pretend and tend to more rational and trusting of what people say…
Good video back to the old Lewis what I like to see
ɪ'ᴍ ᴏᴘᴇɴ ᴛᴏ ɪɴQᴜɪʀʏ ᴡɪᴛʜ ᴛʜᴇ ᴄᴏɴᴛᴀᴄᴛ ʟɪɴᴇ ᴀʙᴏᴠᴇ🎉🎉🎉📩
ᴇɴᴅᴇᴀᴠᴏʀ ᴛᴏ ʀᴇᴀᴄʜ ᴏᴜᴛ ᴛᴏ ᴛʜᴇ ɴᴜᴍʙᴇʀ ᴀʙᴏᴠᴇ........ ʟᴇᴛ'ꜱ ᴛᴀʟᴋ ᴍᴏʀᴇ👍
They already have our phrases then. They just dont extend rcovery service until u give them all your ID. They word it very cunningly.
Don't wait for 36. It's all about to kick off!!!
It’s an opt in service…. Why is this so hard for people to understand????
how bout i switch start using LEDGER NANO S PLUS, it wont effect as well.
the thought the issue is if you do not pay the subscription fee's than you can u lose access?
Fud and it’s optional
Self-custody is getting more and more challenging these days..
this is kind of madness from ledger
I don‘t think you really understand the problem here. The problem is that it is possible to extract private keys from the secure element at all. That should not be possible, and Ledger previously told us it wasn‘t.
Caleb & Brown is superb
Only OTC I would use.
Cryprx put me on Caleb and Brown 💪🏻
Just don't opt in. I have a Nano X and won't be opting in so I don't see what the upset is?
No one is going to leave...everyone just chill out!!!!!!!!!!!!
Its also the updated sofware contains programs that allow you to send your seeds and resulting in more vunerable to hacks.??
So is it better not to update my nano X
Hi Lewis. My thoughts about the Ledger Recover is that Ledger is kind of getting ready for when businesses, large entities, corporations and Self Managed Super Funds (SMSF) etc enter into crypto main stream but need very real and practical contingency plans if someone passes way suddenly whilst they hold a position where they are the ones operating the accounts/finances in the business, entity, SMSF etc.
When my partner and I are doing up our wills we do think about what would happen to our cryptos that we hold personally or in our SMSF if something happens to us. I think with Ledger Recover, it is offering that solution and getting ready for mainstream adoption.
It doesn't mean that it's a bad idea or that Ledger is corrupt. They are just trying to prepare for what is coming when crypto becomes main stream in the years ahead.
Why are people not understanding opt in or not? They still have access to your pass phrases (BACKDOOR) what happens when the government forces them to give them access? Or a pissed off Ledger programmer does a rug pool ? I'm not taking the risk.
What are your thoughts on Trezor cold wallets? Compared to Ledger wallets.
I am not on What,sapp
How about Ellipal wallet?
Make your own USB wallet offline using true crypt security. Make a paper back up and metal seed phrase punched dog tags.
I don’t trust hardware wallets or more in particular the companies behind them who will soon be strictly regulated and forced by governments to hand your details over!
Not trying to add to the fear mongering. BUT does no one find it concerning that the firmware updates for ledger are closed source? There was an announcement that in the UK regulations are being proposed for the government to seize exchange assets from businesses if they fail to pay tax. Also I’m sure you can refuse to update to this service, but is the security overtime compromised if you don’t continue with updates? I’m pretty sure I couldn’t send at one point because I needed to update my firmware. Also seems like this would be a great tool for government seizures later on down the road.
But yes you are correct with regards to updates. Same goes for any manufacturer. They have to abide by laws as they are a company.
However you can't interact with new updates from Blockchains etc new coins if there is no update.
Fucked either way.
Even using a airgapped PC and a steel sheet to write the seed stills brings problems when you need to actually make a tx.
No perfect setup for anyone.. although ledger did brand themselves that way.
I must say I’m not impressed with Ledger pulling this recover trick. So if that’s how they want to roll I’ll be looking for somewhere else to keep my crypto. And for your other point about new people, Everybody’s new when they first start out in crypto but it only takes about 15 minutes to figure out how to generate your seed phrases and write them down. So if a person is that brain dead that they can’t handle that then they probably shouldn’t be in this crypto game. The whole idea about writing them down and keeping them in a safe place is so that nobody else has access to your keys but you. And shame on ledger, for being so greedy as to even do this charging monthly fee for it. They will lose a lot of respect and business I’m sure. (Just my opinion.).
Just don't opt in, then there's no monthly fee and no risk
Only D’CENT wallet Baby
PEACE TO THE $OUL, thanks LewLew
Hmmm. Well what's the execution? Will it require extraction of the seed phrase, how will they do it...and for the companies getting the shard, are they locked down? Now say if the third party is mandated to disclose your seed phrase by some arbitrary law...will they be compelled to do it? Look at vpn companies of the past 10 years...
If this is a matter of hypothetically leaving or losing future profits on the table. Take the risk? It may not necessarily be emotional, but rather being risk adverse.
Custody third party my SP........hell no!!!!!!!!!!!!!!
Sensible...
I can understand because this could be real money…Ledger accidentally did a Bud Light and that’s a tough hole to get out of
What other wallet do you recommend
👆👆👆📩
ɪ'ᴍ ᴏᴘᴇɴ ᴛᴏ ɪɴQᴜɪʀʏ ᴡɪᴛʜ ᴛʜᴇ ᴄᴏɴᴛᴀᴄᴛ ʟɪɴᴇ ᴀʙᴏᴠᴇ🎉🎉🎉
I have a ledger nano x plus I brought a cryptocapsule so I am safe I think it’s just an option for people with ledger nano x I am from Auckland New Zealand
What if you want to sell, and you call caleb & brown and no one answers because they are too busy? Thanks Lewis :)
ɪ'ᴍ ᴏᴘᴇɴ ᴛᴏ ɪɴQᴜɪʀʏ ᴡɪᴛʜ ᴛʜᴇ ᴄᴏɴᴛᴀᴄᴛ ʟɪɴᴇ ᴀʙᴏᴠᴇ🎉🎉🎉
How also if they say, there are error in system so we cant sell it 😅
@@winatasetiawaty6660 ᴇɴᴅᴇᴀᴠᴏʀ ᴛᴏ ʀᴇᴀᴄʜ ᴏᴜᴛ ᴛᴏ ᴛʜᴇ ɴᴜᴍʙᴇʀ ᴀʙᴏᴠᴇ........ ʟᴇᴛ'ꜱ ᴛᴀʟᴋ ᴍᴏʀᴇ
Class Action Lawsuit.
1. People whobought HW wallets don't trust banks (and they can't be trusted), so this is antiargument)
2. Ledger doesn't open source their code, if the crypto regulations will ask people to do something, ledger can be forced to do something to already updated ledger and get control of your funds.
3. Government and regulators can easily get "legal" enforcement to get your seed phrase from 3rd party providers and seize your assets.
4. This feature is suddenly announced when MICA comes in as well (what a coincidence).
Obligatory registering your walled with ID? just one step next.
you honestly believe that all companies, who doesn't open source? surely google, alexa and siri not use what you say for other purposes than answering your requests, right?
I’ve got an account with Caleb and Brown. I haven’t done any trades with them and don’t custody with them yet but I will be using them as my off ramp into usd. I need to do more research on fireblocks cold storage (which is who they use) before i custody with them l. Would love your opinion on that Lewis
Well I’m going to use them personally so will report back
@@LewisJacksonTeachesCrypto look forward to it as usual 🙏
Yes but is this allready built in so they can access it?????????
Not the old Nano S
Ledger Recover and CoinCover need to insure us if they're going to hold our keys just like a bank does with our checking and savings accounts. If I have 200k in crypto that they hold then show me where its insured.
I like safepal best
Helllllll Noooooo!
Xumm for xrp