Ledger Recovery Service. | Bitcointalksearch.org

yhiaali3

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Quote from: UchihaSarada on May 21, 2023, 08:44:25 PM

It is not only about user privacy that many people don't mind.
It is more about security of their coins. With Ledger Recovery Service, you will be only one of four entities will own your wallet seed. You, Ledger, Coincover, and Escrowtech.

Anyone feels safe about this new scheme? I don't feel safely with it.

Yes, it is true that it is primarily related to securing our coins, as you mentioned, there are many people who do not mind KYC, although it is very bad for others, but the problem here is that there are now three other parties that own part of your wallet seed!!!!

how stupid!!! What's worse is that they want to get paid monthly for their stupidity!!!!

Bottom line: You pay a monthly fee to: KYC and give away part of your seed to three other entities. What a great idea.
You simply became a hostage in their hands!!! Thanks Ledger!!!

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Quote from: hosseinimr93 on May 21, 2023, 08:36:37 AM

There's a good discussion about this in the thread created by RickDeckard.
Ledger Recovery - Send your (encrypted) recovery phrase to 3rd parties entities

Wou, hovernment freeze you coun, hahaha, scamer is name of this "government", don panic then you fund go fare away, it is "government" celebrate your gift to them hahaha

UchihaSarada

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Quote from: bettercrypto on May 21, 2023, 07:35:44 PM

As far as I know, the ledger users have calmed down a lot because those who like the service offered by Ledger have a monthly subscription to pay for it, in addition to that, they also have to submit Kyc for that Ledger service.

Buying a hardware wallet and KYC, thanks Ledger, I don't want it.

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Of course, the result will be that every user of that Ledger wallet has no privacy. In which the majority of Ledger's community felt that, for me the strategy they did was not right. It seems like they violated something there in my understanding.

It is not only about user privacy that many people don't mind.
It is more about security of their coins. With Ledger Recovery Service, you will be only one of four entities will own your wallet seed. You, Ledger, Coincover, and Escrowtech.

Anyone feels safe about this new scheme? I don't feel safely with it.

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As far as I know, the ledger users have calmed down a lot because those who like the service offered by Ledger have a monthly subscription to pay for it, in addition to that, they also have to submit Kyc for that Ledger service.

Of course, the result will be that every user of that Ledger wallet has no privacy. In which the majority of Ledger's community felt that, for me the strategy they did was not right. It seems like they violated something there in my understanding.

hosseinimr93

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There's a good discussion about this in the thread created by RickDeckard.
Ledger Recovery - Send your (encrypted) recovery phrase to 3rd parties entities

UchihaSarada

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Ledger Recover Service will provide you a chance to recover your wallet if you lose your wallet seed but you can verify your identity with ID card.

Wallet seed will be split to 3 shards that are encrypted.

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How this works:

Your private key serves as the starting point for creating a backup of your Secret Recovery Phrase. Here’s how:

STEP 1: When setting up your Ledger Recover login, you’ll first need to verify your identity using your ID card.

STEP 2: You’ll be asked to connect your Ledger Nano X and give approval to the creation of the backup to your Secret Recovery Phrase. Once approved, your Ledger Nano X will duplicate, encrypt and fragment your private key into three parts within the Secure Element chip. These fragments become the backup of your Secret Recovery Phrase.

STEP 3: These encrypted fragments are securely sent to three independent providers – Ledger, Coincover, and EscrowTech that will store them in Hardware Security Modules (HSMs). Each encrypted fragment is useless on its own. When you request access to your wallet, two of the three encrypted fragments will be sent back to your Ledger device, reassembling them to build your private key.

STEP 4: The backup for your Secret Recovery Phrase is linked to your verified identity from Step 1 so only you have access to it.

But we buy a hardware wallet to control our bitcoin keys. Now we have to choose to share it with three companies just to have another option to recover our wallet later. It breaks reason why we need a hardware wallet.

Two videos from Andreas Antonopoulos and Jameson Lopp. The second video is about Ledger Recovery Service.
Bitcoin Q&A: Why is Seed Splitting a Bad Idea?
Ledger Recover: What The Hell is Happening? With aantonop and lopp.

You can continue to trust Ledger and upgrade the firmware, it's your choice. I have my mind that I will split my coins to different hardware wallets, open source like in the list. If I continue to use Ledger, I won't store all my coins in only Ledger.
[LIST] Open Source Hardware Wallets

Coinmarketcap should update this article with a warning notification about Ledger firmware.
The 12 Best Bitcoin Wallets in 2022

Topic: Ledger Recovery Service. (Read 178 times)