/biz/ - Business & Finance

[Anonymous No.20601402]

This nigga in this thread from a few days ago got me worried as fuck now to get a Ledger Nano/Trezor wallet
Can we have a new thread to discuss this bullshit?
I'm a brainlet when it comes to this shit, so I don't know if he was just a troll or if he was making good points
Is his Ubuntu+Metamask method really safer? Is this 'compromised hardware wallet update' thing really a possibility?

[Anonymous No.20601432]

>>20601402
He's a brainlet.

Ledger is safe as fuck

[Anonymous No.20601475]

>>20601402
He was literally telling you to put your shit in a hot wallet, with a notepad containing your recovery phrase on a computer...

you dumb as shit you retard, ledger is safe as fuck.

[Anonymous No.20601500]

>>20601402
Just use offline paper wallet.
>>20601432
STFU Shlomo.

[Anonymous No.20601535]

>>20601500
>Just use offline paper wallet.
Is there a basic guide to do this
I hate leaving my shit on exchanges

[Anonymous No.20601576]

>>20601535
Yes Google is your friend.
If you're holding shit like Chainlink add at least 0.005 ETH for gas if you wanna move them later on.

[Anonymous No.20601578]

is MyEtherWallet good?

[Anonymous No.20601689]

I put all my coins on a ledger and they are locked in there. the ledger program wont connect to the device

[Anonymous No.20601767]

>>20601689

[Anonymous No.20601806]

>>20601402
nah this is retarded. ledger compromised? even if they do get compromised they have no access to your masterkey

btw your seed (BIP32) has something like 2^138 of a probability of being compromised, which is very slim

The only way to hack wallets would be with quantum computing, and its something that's been crossing my mind recently kek what if IBMs quantum computer is fully functional with AI and decides to just take everyone's magical internet coins. Lucky for ETH holders ETH is programmed to be quantum proof. That goddamn autistic genius.

[Anonymous No.20601922]

>>20601402
Its easy, here:

1. Wallets hold private keys, thats it.
2. You cant "send" any one crypto, but you can cryptographically sign a transaction request to give your token to another address on the chain.
3. All hardware wallets are not 100% safe at protecting your private key.
4. Generate your own private key offline and store in an encrypted container.

[Anonymous No.20602395]

>>20601578
It's just a means to interact with the network. Your tokens are not stored on MEW. But yeah it's fine

>>20601432
I like my ledger allot. The software works really well, and is very straightforward.
I feel better about my trezor because open source.

Ease of use though the ledger wins

[Anonymous No.20602689]

Just memorize the seed words, write it down a few times a week until you're able to remember the entire sequence in a few seconds.

[Anonymous No.20603389]

What’s the problem with hw wallets if they’re in a secure location? A scenario where an encrypted container is copied is just as dangerous as someone acquiring your ledger. Infosec101: physical access = pwnd

These threads are dumb. Hold your big wallets in a safe place.

Now...quantum recovery of a wallet from blockchain via seed...then everyone is fucked.

[Anonymous No.20603474]

>>20601806
it takes like 1500 qubits to hack the bitcoin, to run a super computer with that many qubits you need to be in a super fucking cold space, think colder than antartica at it worst.

right now we only have 50-60 qubit potential, oh and if BTC protocol got hacked, than guess what everything else would be hacked too.

Banks/companies, literally everything.

[Anonymous No.20603610]

>>20601806
You don't seem to understand that ledger has the potential to steal literally everything by uploading malicious code in a firmware update. They even say so on their website that they would never do this though because it acts against their own interest since they would make more money by being a successful company. But what If one of their employees is held at gunpoint or blackmailed to upload malicious firmware? Do you even know what kind of physical security they have at their building?

https://medium.com/ledger-on-security-and-blockchain/ledger-101-part-2-why-hardware-wallets-are-secure-9e9982c144ab

What if Ledger were compromised?

Another fair question is related to the internal process of Ledger. What could happen if executives of Ledger were taken hostage? What about internal rogue agents?

As you may have understood already, private keys are securely stored on hardware wallets and they are neither centralized, nor controlled by Ledger. There is therefore no systemic risk of using a hardware wallet.

Any firmware update must be signed by the Ledger root of trust. Security is managed through a distributed governance (aka multi-signature), mitigating any risk of hostage situations. We will go further into these aspects in a future blog post, detailing the measures Ledger has taken to resist duress or sabotage attempts.

Cynics may also wonder what is preventing Ledger from issuing a rogue firmware update themselves. The answer is quite trivial: just think about what we have to gain versus what we have to lose… An internal sponsored attack would not only be very quickly spotted and obvious to trace, but profits would be much less than what Ledger’s future equity is worth on the market.

[Anonymous No.20603612]

>>20603474
I'm ignorant on the capability of IBMs quantum computer. could it be possible? For now, they can't run that shit for longer than a couple minutes. its still a project in the making but its scary that we're getting to those capabilities and in our life time will undoubtedly see it going live.

Also buy IBM stocks.

[Anonymous No.20603826]

>>20603610
well fuck

there's 2 case scenarios imo

>They all get taken hostage
>they say no swiper no
>one gets killed
>they give in and steal everything (or hopefully just whale assets)
>Ledger stock is now 0 dollars and multi million dollar lawsuit

or

>They all get taken hostage
>they say no swiper no
>one gets killed
>another gets killed
>another gets killed
>police arrive and operation is shut down
>Ledger continues, their value dumps
>families sue ledger but they have the funds to pay for it
>continue as if nothing happens

for me, I'll stick to my fidget spinner and if we get hacked I'll just kill myself and call it a day.

[Anonymous No.20604003]

>>20601402
Get a Trezor and don't install updates right away until they've settled as legitimate. They are open source so any jewery should come out pretty quickly.

[Anonymous No.20604237]

>>20604003
This. I have a trezor and it seems great. I don't trade all that often, but leave enough on exchanges to trade and in case of emergency funds. So I rarely connect except to pull from exchanges.
Now that chainlink has gone up so much I've considered buying a ledger and splitting it just in case, but balk when I see the price. Seems better to buy a second trezor and use something other than mew to diversify.
Why are ledgers more popular?

[Anonymous No.20604274]

>>20601402
Why would someone use a hardware wallet when they can literally just use mewconnect and a piece of paper

I never understoof that

[Anonymous No.20604296]

>>20604237
U.I is more sleeker, and seems to have better build quality.

[Anonymous No.20604303]

I have no idea why anybody would ever pay money for one of these. Just write down your keys in a book or something.

[Anonymous No.20604322]

I have an old Trezor with bitcoin locked up at 19.5k. Fucking incredible that it can do that.

[Anonymous No.20604334]

>>20601402
He completely ignores the fact that the secret words (and/or the private key) were generated and exposed to you on the computer you use. If that computer is compromised then you're in for it. You never see the private key generated on a ledger and neither does the computer. You only get a list of words, displayed on the Ledger screen to write down as backup. This is far safer than generating the wallet on a possibly compromised computer. However, at least that anon got one thing right - if you're going to keep your recovery password on your computer at least encrypt it.

[Anonymous No.20604407]

>>20603610
Your ledger is not plugged in and connected, ready to update to the hacked patch, and send 24/7. If a hacker did this, very very few people would be affected and a fix would be easy.

[Anonymous No.20604431]

Ledger doesn't have access to your tokens. Everything is stored locally on the hardware side.

[Anonymous No.20605231]

Can anyone help a retard? I had my ETH stolen ($700) when I left it to be stored in my ether wallet years ago. Can someone explain how it was stolen so I don’t fuck to again with a larger amount. I sent it from Coinbase pro to a myetherwallet (I’m positive it was the rule site and not a fake one) and stored the password via .txt file. Is it because I just left my password in the text file and didn’t zip it with another password? Should I just get a ledger? Is that retard proof enough?

[Anonymous No.20606266]

>>20601402
Bumping this thread because I desperately need a place to store my VRA

[Anonymous No.20606370]

yes yesss overpay for a usb stick

[Anonymous No.20606470]

>>20601500
Dude its 2020 paper wallets are complete shit. Op just suck it up and get a hardware wallet. If you want to trade shitcoins and do defi bullshit just plug in your hw wallet once you open up metamask

[Anonymous No.20606517]

>>20604303
Explain your process for signing transactions. Guaranteed you are fucking up in multiple ways and too dumb to realize how a hw wallet helps you

[Anonymous No.20606918]

>>20606370
80 usbux isn't shit to this board

[Anonymous No.20606971]

>>20605231
>stored the password via .txt file
Just write it down physically next time.

[Anonymous No.20607057]

>>20606470
>bro it's current year XD
So are you going to actually explain why paper wallets are shit?

Between them failing, getting "hacked" and getting locked/wiped I don't see a single benefit to hardware wallets. As far as I can tell it's vaporware to trick lazy morons into dropping $100 but I could be wrong