/biz/ - Business & Finance

>>54369510
this device is the key which allows you to access your part of the blockchain aka your own wallet. You have your own unique codes to access these. If the device ever breaks, your backup key phrase can be used on a new device, its not tied to that specific hardware you buy. That's why its so safe.

>>54369510
holy shit dude run as far away from crypto as you can
im serious gtfo you are gonna lose all of your fuckin money

>>54369510
The blockchain is a ledger that keeps track of who owns what. The coins don't have a physical location.

What gets stored on the Trezor device is a string that enables you to move your ownership of coins to someone else using the ledger. Therefore your coins are technically on the 1million+ nodes confirming transactions. But BTC is really just a record, not a piece of data.

>>54369510
>Sorry dumb question, if I buy one of these things, are my coins actually stored on the device? Or is this some sort of authenticator for an online wallet, or a wallet on your computer? At the moment I have stuff spread across Binance, Metamask and Xumm

Sad that no one gave you a correct answer, very disapointed at anons don't helping newfags.

Here is your answer anon:

1_The coins are always storing in the blockchain

2_Software or Exchange wallet only have the key to open your wallet stored in the blockchain

3_Exchanges use cold wallets to secure your money and sometimes remove the money from your receiving wallet to send to cold wallet, but they still show you own them and they sent you to other wallet to withdraw.

4_Software wallets like exodus or uniswap only have the keys to open your wallet in the blockchain

5_Software wallets while great have the problem that your seed phrases to recover appear on the screen and that a keylogger can steal your wallet password (your wallet password is just used to open your real wallet in the blockchain).

6_Hardware wallets are the best of them all because your seed phrases are created without ever appearing on your computer, they appear on your hardware wallet like the trezor screen and you just copy it on a paper and never take a picture of it if possible cut some words and remember them.

7_The second advantage of hardware wallets is that you never put your password to enter your wallet through the keyboard, your hardware wallet will generate numbers randomly in a screen and you will have a few boxes to fill in your computer screen to put your password with the mouse only but no number appear on the screen of the pc only on the hardware wallet..

Buy a Trezor anon it's worthy and gives you peace of mind , if you want to also use monero buy the best trezor the costlier one since it gives you xmr wallet too (the cheaper trezor is not xmr compatible), but the cheaper trezor is great too.

Hope this helped you

>>54369510
And to continue here is a good video on explanation on this so you understand why having a hardware wallet is great and gives you peace of mind, look it seriously it's worthy even the cheaper trezor is great and will give you peace of mind.

https://www.youtube.com/watch?v=qvvzJ8EHh5U

>>54369510
>>54370681
>>54370712
And i almost forgot, NEVER EVER EVER PUT YOUR SEEDPHRASE if never asked.,

There are pishing sites and emails larping as hardware wallet companies asking your seedphrase to steal your coins, they prey on newfags and retards, don't be one.

>>54369581
Only helpful advice.

>>54370863
>>54369581
glowing chuds

I have newfag questions as well regarding a ledger I just loaded up.

Ledger live seems fucked. If my ledger gets stolen, I assume someone only needs to connect it to their PC and figure out the pin to access and send funds? Am I wrong on this assumption? How hard is it to crack an 8 digit pin on ledger?

Ledger live still shows all my info on my pc even if the device is not connected. I’m assuming device needs to be connected to transfer funds off?

Staking avax I need to create an Avax wallet, where I’ll be issued a new seed phrase. Is this defeating the point of having my keys on the ledger?

I sent 90usd worth of MATIC to an ETH addresses on my trezor when i was drunk. Is it gone forever?

>>54369510
The keys are stored on the device. Those keys are seeds; ie, passcode for accessing your wallet. When you use meta mask without ledger, those keys are stored online; which are noncustodial, which equates to the exact opposite of what crypto is trying to accomplish. If you have meta mask and still want to continue using meta mask, enable a ledger hard wallet for maximum protection, because they keys will stay offline with hard wallets.

this thread is a top signal
see you all at 15k

>>54371265
MATIC is an ERC 20 token, meaning they should appear in your Eth wallet. If you don’t see the MATIC in your wallet, your transaction might be frozen, in that case you need to find out how to unfreeze it. Unfortunately I haven’t fucked with ERC tokens in like two years so I forgot how to do that. Something to do with nonce or some shit.

>>54370971
Basically. If they can get your pin, they get your shit. Also, yes, ledger must be plugged into computer in order to get access to assets. The seed phrase is only used to recover lost ledger wallets or other type of wallets.

This is why you need to stay diligent with your fucking shit. But don’t think too hard about it. It’s not worth the headache of constantly being worried. Just keep keys and wallets in safe places.

Hardware cryptography engineer here. I worked on avalanches ledger app. I will try to help but I am so over-involved in this stuff I will probably just accidentally confuse you guys more. If you understand how to use pgp you understand crypto.

>>54371331
Yeah.

>>54371312
Exactly. Your private key is a secret used to sign transactions. If you just use metamask normally, your secret private key is stored in your computer (very easy to steal). A hardware wallet keeps your keys safe. Your computer sends the transactions to the hardware wallet, and gets signed transactions back.

>>54370971
The thing is that the Ledger wipes itself after three failed pin attempts. It would be easy if they had infinite attempts, but they have only 3. I've accidentally wiped a ledger while working on it before by having retard fingers.

Ledger live remembers what your public addresses are to display your balances when your device isn't connected, but yeah, the secret private key for signing transactions remains on the device.

Also you're correct that using a separate seed phrases makes the ledger pointless, but iirc you can stake using your ledger. Ask the ppl on the avalanche discord and watch out for scammers.

>>54370719
This guy is right. The #1 scam is getting a hold of someone's seed phrases, the #2 is getting someone to sign a malicious transaction.

>>54370681
This is an excellent rundown. I oughta get a Trezor. Increasingly it seems to kick the shit out of Ledgers.

>>54370971
You can stake while keeping your seeds offline via ledger. Gotta generate a seed phrase through the ledger, then use that address to stake the Avax. And no, it does not absolutely doesn’t defeat the purposed of keeping keys on ledger. Everything except the keys are on the blockchain. Always keep your keys offline for maximum security.

>>54371344
Thanks anon. I haven't worried about it because it's such a paltry amount, but I'm just annoyed that I did any crypto shit when drunk. Very reckless.
Thanks for the tips bro, I'll figure it out.

>>54371388
Relearning all this crypto security shit takes me back. I remember I use to freak out all the time about how to keep my funds safe a few years ago. (I talk like an oldfag, I only started buying in 2021 Jan,
Kek).

For all the newfags wanting to up their security, buy a ledger X. It’s compatible with a fuck ton of crypto wallet apps. Something that trezor is falling behind on. The only reason trezor is better than ledger is that they were NOT compromised in the past and they are open source. Ledger is closed source and have been hacked in the past. If buying a ledger device, USE A FUCKING BUSINESS ADDRESS AND BUSINESS PHONE NUMBER WHEN ORDERING. Or use another phone number or address that isn’t yours. People are victim to sim swaps when hacked info from ledger gets leaked. This is ledgers biggest con, but the devices are SAFE as long as you keep your seeds and wallets in discreet places.

>>54369510
It contains your private keys used to sign you transaction, that's it. If you are using Bitcoin, I suggest a completely air gapped device and using psbt to sign transactions. Set up a watch only wallet and connect that wallet to your node, for privacy.

>>54370971
If someone steals your ledger and tries to guess your pin, it'll brick after a few tries. I'm not s fan of ledger, but I only good Bitcoin.

>>54371450
It’s ok m8, I bought REN around may 18th 2021 while I was blitzed out of my mind (like 4k worth of REN). If you see the charts, you can see the despair I felt around those times. Around July I swapped my REN for Kleros. Luckily, we did get a double top around august 2021 and I managed to recoup my money (I actually timed the top pretty well). It’s all just learning lessons.

>>54371494
Btw, you can't do any of these things with ledger.

>>54369510
Take a bump fren
i hope you get some geniune help on this ocean of piss, scammers and fags who feel superior because they know more than you.

>>54369510
First:
>bitcoins don't actually exist, only transactions in a ledger
Second: Your private key for signing transactions is stored on the device in write only memory. The only way found to get it off is to hardware hack the device (requiring physical access & knowledge). Having a PIN and wallet password prevents some of these attacks. During operation, your private key never leaves the device, only signed transactions which allow you to move coins (read up on PGP / public key cryptography to understand how this works in theory).
Third: In order to move coins, you always need to interact with the hardware.
Fourth: If criminals/government know you've bought one of these, you could be at risk for theft. So keep this in mind when you consider paper backups, security, etc. This is why it's recommended to have 1 wallet with a low balance (no password) and a second wallet with a password that's your main wallet. That way you can unlock the trezor for them after they put a gun to your head, give them $1-3k or whatever to get them to go away, and then after they leave your backup trezor / memorized seed will still let you recover the bulk of your funds.

>>54370961
What a stupid meme. Frank grimes is exact reason why working hard is pointless

These have been really helpful answers, I appreciate y’all!

Forgot to mention that ledger live connects to their own node, so they know your identity and everything about your accounts. Also, it can't be used completely air gapped. There's a reason for this.