Thank you so much explaining in simple. Could you do a video on how to migrate from Ledger to Trezer with end result all coins now on Trezer and Ledger is reset ? I was concerned that if I make the mistake, I will loose all the coins.
Your videos are real and very informative. Excellent production value as well. I moved over to Trezor. Didn’t use the restore codes, setup new addresses. Just a bit paranoid about my private keys and for me, I am suspect of anything Ledger says at this point. I am also concerned about the nation state’s future access to my assets. We live in a time of great promise as well as totalitarianism empowered by technology.
Good educational vid. I was shocked by the actions of Ledger …. Why would they be so stupid? I love my Ledger but am seriously considering a change to Trezor or similar.
Now that Ledger has admitted there has always been a back door in their wallet, which is contrary to their claim to fame of being completely secure,,, Is anyone talking abouot getting refunds or taking legal action for consumer fraud???
Consider this: How do you think it is possible for UI which runs on a separate chip to display the seed phrase during the setup without previously reading it in its raw form from key storage chip (called Secure Element in Ledger terms)? For your device to be able to display the seed phrase to you during the initial setup its main chip (responsible for UI and interfaces like BT/USB) has to be able to read the private key from key storage chip. So on the harware level this is how every hardware wallet works. Firmware capabilities and brand direction in general is another thing though. And I'm not a fan of the direction that Ledger seems to favor.
It's good to mention for less savy crypto ppl that if they opt in they can easily create new address on hardware wallet and move funds to address that didn't opt in to recovery program. New address = new seed phrase.
The other most important advantage using Trezor over Ledger..is the management... they only made dumb and not thought through decisions with profits in their mind instead of putting customers at their heart. I will not trust them anymore. Lost trust in Ledger... Once a Legend, now a legacy. What a pity.
I have no trust in Ledger after this move, they could have just created a new piece of hardware with training wheels for noobs vs pissing off their OG base
All hardware wallets can have firmware that extracts the key. The very fact that the firmware can sign transactions is proof that there is some data shared between firmware and the chip. There is no way around that. There are ways to make it extremely harder. And I hope that hardware wallets do that but I dont know for sure if they do or do not.
Trezor isn’t focused on adding new coins though, it wouldn’t be good for non btc maxis who’re new to the market buying newer coins and coins such as ICP and Hbar
Actually, you don't need to trust, you can verify it. What I mean? Ledger firmwares are not public and we can't verify it. Trezor is open source and we can verify it. That's why I will switch to Trezor.
Question. Doesn't all other hot wallets like trust wallet, coinbase wallet, etc all have a icloud backup for your seed phrase as well? What is the difference with Ledger doing it now?
IMHO such a backup is ok for a hot-wallet, because it is a hot-wallet (you don't have a lot of crypto on it). But the private key should NEVER leave a cold-wallet. Also Ledger "lied" to us for years about the security.
@@runedust9875 oh I see. Thanks for the explanation. So what cold wallets are best now? I’ve always heard ledger. I’ve already been tied up with the voyager situation.
If the law gets involved, trezor will be forced to give your seed... if they don't have the option at the moment, the government will force all companies to comply. Best option is a paper wallet or a stell plate wallet.
open source is overestimated and also dangerous some times. ledger does this because third parties that secure and audit the firmware strongly recomend no to. i dont agree with what you said
Around minute 7 , the txt you highlight, says, pretty clearly : "inaccessible to malicious parties" I don't see, how the seed being accessible by friendly parties (firmware vendor) contradicts any of the previous or current statements.
It always boils down to the weakest link. The mere fact that the company would have to reveal the seed phrase elements to comply with a subpoena brings us right back to square one. You're still trusting a third party, which is something that BTC was created to avoid. Engraving your seed phrase elements onto steel is still a more secure way to store seed phrase elements IMHO
Very helpful. Sounds like Ledger messed up with the communication aspect of this rollout. I will not enroll in the recovery program but will continue to use my nano X and switch over to Trevor if needed in the future. Thanks again!
Thank you so much explaining in simple. Could you do a video on how to migrate from Ledger to Trezer with end result all coins now on Trezer and Ledger is reset ? I was concerned that if I make the mistake, I will loose all the coins.
Well, the "backdoor" is still there on your Ledger for potentially malicious third-parties to expose, regardless if the opt in is offered to you or not.
Opt in doesn’t matter imo.. the firmware update already creates the back door. Opting in is just you taking their word that they will only share your secret phrase when you opt in. But their word isn’t a security feature.. it can be broken at anytime.
Ledger reste un des meilleurs portefeuilles physiques et le plus sûre. Ledger a fait une erreure cela arrive aux plus grandes compagnie mais la qualité demeure toujours.
I guess I’m just worried about that password app to check my seed phrase. I used it and now afraid some rouge ledger employee will steal my seed. How safe is that seed phrase app
Ok, if anyone can compile the firmware and upload it, what prevents the evil third party who gets hands on on your device, uploading malicious modified firmware into it?
I will be very happy to send you mine I just wiped it when i heard a bout the backdoor... Sell it to you cheap if you want it??? I moved everything to Tangem
Also note that Ledger had a MAJOR issue with their customer information not long ago. They leaked personal identity info quite well so why not your private keys?
Your private keys shouldn't be given to ledger custodians. Literally just use an online wallet atp. Ledger never has access to the seed phrase otherwise
Ledger generates recovery phrase through entropy. Every hardware wallet has its own unique entropy. The encryption is in the entropy not in the seed phrase as it generates the seed phrase. The main security as an hardware wallet that was always there was the encryption of entropy that is still there there is no way a human can decrypt it. You validate through your hardware device to send the entropy to other third party clients( it is same as validating a transaction as it requires your signature) so it is secure in the sense you still need to validate it by cryptographic signature.
So if I'm understanding right as long as you don't use online key back up/recovery you're perfectly safe from this backdoor concern. Correct? I've been firm with only keeping hard copies of my seed phrase and really don't want to replace my ledger as I just got it lol
Nobody is safe from the back door concern. The ledger developers Promised that No one has the ability to access your secret words. They shouldn't have the capability to have a back door. This affects all ledger owners regardless of whether you opt in or not.
all wallets know from day 1 all seed phrases, how you tink the make sure nobody get the same seed phrase ? if the dont know what the 24 words are on other divices how the can make sure nobody get a dubplicate private keys and randomly get acces to another guy wallet by making a new wallet
@@digger5521 not to mention most people can't read code, and need to trust other people can, and to a good extent. And include that fact that anybody can copy it and change it, you need to know you are using the right one! Multiple slip ups and attack vectors for everyday users can actually make it worse. The irony of people now banging this open source mantra while watching on devices with closed source chips!
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@@UnusualPudding and I keep my crypto in various wallets, I dont keep them all in one place. I do like safepal since they are quite secure and have the most crypto tokens you can store in. and probably the best security.
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If treasure code is open source, doesn't that mean anyone could possibly add in code and creat their own version of the firmware? They could potentially replace the original one with their version and extract whatever they want from it. Am I correct to think that way?
The (bad) code would need to be accepted into the main branch for that to happen. Aka that would need to be approved and you would be able to see that code merged into the main source
