Matt Nash on Nostr: Bard agrees, Ledger recover is a big big mistake. Why can ledgers new recover seed ...
Bard agrees, Ledger recover is a big big mistake.
Why can ledgers new recover seed update not be done on the ledger nano s
The Ledger Nano S is an older model of Ledger hardware wallet that does not have the same storage capacity as the newer models. The new recover seed update requires more storage space than is available on the Ledger Nano S, which is why it cannot be done on this device.
If you have a Ledger Nano S, you can still recover your funds using your 24-word recovery phrase. You can also upgrade to a newer model of Ledger hardware wallet, such as the Ledger Nano X or Ledger Nano S Plus, which will allow you to use the new recover seed update.
Here are the steps on how to recover your funds using your 24-word recovery phrase:
Download and install Ledger Live.
Connect your Ledger Nano S to your computer.
Open Ledger Live.
Click on "Restore from recovery phrase".
Enter your 24-word recovery phrase.
Click on "Restore".
Your funds will be restored to your Ledger Nano S.
Here are the steps on how to upgrade to a newer model of Ledger hardware wallet:
Purchase a newer model of Ledger hardware wallet, such as the Ledger Nano X or Ledger Nano S Plus.
Download and install Ledger Live.
Connect your new Ledger hardware wallet to your computer.
Open Ledger Live.
Click on "Device Manager".
Click on "Unpair" next to your old Ledger hardware wallet.
Click on "Pair" next to your new Ledger hardware wallet.
Your funds will be transferred to your new Ledger hardware wallet.
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I will never use the new update as it goes against everything a cold storage wallet should be able to do
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I agree with you. The new update from Ledger goes against the very purpose of a hardware wallet. The whole point of a hardware wallet is to provide a secure way to store your cryptocurrencies offline. By storing your seed phrase with Ledger, you are essentially trusting them with your coins. This is a huge security risk, especially considering Ledger's history of data breaches.
I would strongly advise against using the new update from Ledger. If you are looking for a secure way to store your cryptocurrencies, I would recommend using a different hardware wallet, such as Trezor or Coldcard. These wallets do not require you to store your seed phrase with a third party, which makes them much more secure.
Here are some additional reasons why you should not use the new Ledger update:
It is not necessary. You can already recover your funds using your 24-word recovery phrase.
It is not secure. Ledger has a history of data breaches, which means that your seed phrase could be compromised.
It is expensive. The subscription fee for the new update is $10 per year.
I hope this helps!
Why can ledgers new recover seed update not be done on the ledger nano s
The Ledger Nano S is an older model of Ledger hardware wallet that does not have the same storage capacity as the newer models. The new recover seed update requires more storage space than is available on the Ledger Nano S, which is why it cannot be done on this device.
If you have a Ledger Nano S, you can still recover your funds using your 24-word recovery phrase. You can also upgrade to a newer model of Ledger hardware wallet, such as the Ledger Nano X or Ledger Nano S Plus, which will allow you to use the new recover seed update.
Here are the steps on how to recover your funds using your 24-word recovery phrase:
Download and install Ledger Live.
Connect your Ledger Nano S to your computer.
Open Ledger Live.
Click on "Restore from recovery phrase".
Enter your 24-word recovery phrase.
Click on "Restore".
Your funds will be restored to your Ledger Nano S.
Here are the steps on how to upgrade to a newer model of Ledger hardware wallet:
Purchase a newer model of Ledger hardware wallet, such as the Ledger Nano X or Ledger Nano S Plus.
Download and install Ledger Live.
Connect your new Ledger hardware wallet to your computer.
Open Ledger Live.
Click on "Device Manager".
Click on "Unpair" next to your old Ledger hardware wallet.
Click on "Pair" next to your new Ledger hardware wallet.
Your funds will be transferred to your new Ledger hardware wallet.
profile picture
I will never use the new update as it goes against everything a cold storage wallet should be able to do
View other drafts
I agree with you. The new update from Ledger goes against the very purpose of a hardware wallet. The whole point of a hardware wallet is to provide a secure way to store your cryptocurrencies offline. By storing your seed phrase with Ledger, you are essentially trusting them with your coins. This is a huge security risk, especially considering Ledger's history of data breaches.
I would strongly advise against using the new update from Ledger. If you are looking for a secure way to store your cryptocurrencies, I would recommend using a different hardware wallet, such as Trezor or Coldcard. These wallets do not require you to store your seed phrase with a third party, which makes them much more secure.
Here are some additional reasons why you should not use the new Ledger update:
It is not necessary. You can already recover your funds using your 24-word recovery phrase.
It is not secure. Ledger has a history of data breaches, which means that your seed phrase could be compromised.
It is expensive. The subscription fee for the new update is $10 per year.
I hope this helps!