Ledger Nano S Hypothetical Situation, Curious on the answers

bravesoldier

newbie

Activity: 18

Merit: 17

Quote from: crwth on November 22, 2019, 11:09:03 PM

The method where you delete the coin in your Ledger could be a great way to have a set and forget the of thing. Don't worry; it's just a way to keep track of your holdings, so if you decide to delete one of them, you might forget that you have one. There could be advantages and disadvantages to that like:

Pros
- Setting a coin and completely forgetting everything
- Eventually remembering the coin you saved and thankful that you remembered
- Set a time and date to check if the value has changed

Cons
- Completely forgetting it and it lost value

A lot of people have done that, and it's been okay for them.

nice, a good approach but i'll never forget how much i got on my bags, unless i get hit in the head somehow and forget that way. I guess its a good security measure tho, if you get robbed one day with a gun to your head and have to open up your ledger live interface, to have a majoirty hidden away would be a good idea.

I did get access to a pc today so i installed ledger live and loaded my ledger up on it and i see what you guys mean about how the addresses are there. simple as adding an account. I also deleted an account and got it back. ledger is boss.

Pmalek

legendary

Activity: 2730

Merit: 7065

Quote from: Lucius on November 22, 2019, 09:30:55 AM

I'm not sure exactly what direction your question is headed,

He is worried that deleting an address in the Ledger Live interface will result in him losing the funds he hast there.

@bravesoldier
That wont happen, don't worry. Think of the Ledger Live app as a way to check your overall portfolio. Only the apps that are currently installed will be seen there. If you have BTC and LTC the balances of both will be displayed. If you delete the LTC wallet only the BTC balance will be displayed. But your LTC are still there you just decided not to view them in your portfolio. When you install the LTC app again the LTC balance will reappear.

crwth

copper member

Activity: 2940

Merit: 1280

https://linktr.ee/crwthopia

The method where you delete the coin in your Ledger could be a great way to have a set and forget the of thing. Don't worry; it's just a way to keep track of your holdings, so if you decide to delete one of them, you might forget that you have one. There could be advantages and disadvantages to that like:

Pros
- Setting a coin and completely forgetting everything
- Eventually remembering the coin you saved and thankful that you remembered
- Set a time and date to check if the value has changed

Cons
- Completely forgetting it and it lost value

A lot of people have done that, and it's been okay for them.

o_e_l_e_o

legendary

Activity: 2268

Merit: 18771

Quote from: bravesoldier on November 22, 2019, 05:31:18 AM

In the ledger nano s you need to install apps (apps been btc, eth, ltc - coins)

In addition to the answers you've had above, know that you can also delete the individual apps from your Ledger device without risking anything. While the apps are uninstalled you won't be able to access that particular crypto, but after you reinstall the app all your coins will show up again.

Lucius

legendary

Activity: 3234

Merit: 5637

Blackjack.fun-Free Raffle-Join&Win $50🎲

bravesoldier, despite the fact that you can always make the recovery of all addresses which have derived from your seed, if you intentionally or accidentally lose that seed, coins will still be on the blockchain, but no one will have access to them.

I'm not sure exactly what direction your question is headed, but hypothetically more people can use a single hardware wallet without in any way compromising the accounts of the other. Nano S will reset itself on factory settings if you enter the wrong PIN three times in a row, so any other person can use that device to create a new seed, deposit coins on new address/es and reset seed again, and give it to another person. This is not a practical solution, but it may work in some situations.

bitmover

legendary

Activity: 2352

Merit: 6089

bitcoindata.science

Quote from: bravesoldier on November 22, 2019, 05:31:18 AM

, and i'm curious what would happen if I navigated to the top right (on the edit account tab) and were to delete the address that held my coins.

would it be recoverable?

The only thing that will happen is that your address will be deleted from the program visualization interface

So if someone sees you using your computer, they will not see that balance. Additionally you cannot spend it using that software until you add that "account" again.

Don't worry. You can delete everything, reset device etc and you won't lose anything AS LONG AS YOU BACKED UP YOUR SEED.

TryNinja

legendary

Activity: 2758

Merit: 6830

Obviously. Addresses aren’t stored in the device. They are derived from the wallet seed and your coins are stored in the blockchain.

As soon as you recover the wallet with the seed, all addresses and coins will show up regardless of what you do.

bravesoldier

newbie

Activity: 18

Merit: 17

In the ledger nano s you need to install apps (apps been btc, eth, ltc - coins)

after that you create addresses for the coins.

I've got a few million satoshis sitting on one of those addresses, and i'm curious what would happen if I navigated to the top right (on the edit account tab) and were to delete the address that held my coins.

would it be recoverable?

Topic: Ledger Nano S Hypothetical Situation, Curious on the answers (Read 137 times)