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Author Topic: Is Ledger Nano S REALLY SAFE ?? Best Hardware Wallet ?  (Read 1332 times)
Subutai
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January 25, 2018, 10:22:22 AM
 #41

Just generate address/private key pairs and keep them safe.

Hardware wallets are probably best for new comers, they are handy and they are compatible with many tokens.

For people that can generate and manage their own addresses safely maybe there's no need for a hardware wallet.
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January 26, 2018, 05:28:47 AM
 #42

How long does it take to receive it from the official site?
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January 26, 2018, 01:30:23 PM
 #43

How long does it take to receive it from the official site?

I got mine in one week, but as you can see on their website: https://www.ledgerwallet.com/products/ledger-nano-s, they are our of stock.

Quote
Currently out of stock. Order today and get prioritary shipping from March 26

So it will take about 2 months to receive it atm. And be careful if you will buy from resellers. (https://www.reddit.com/r/btc/comments/7ofrqf/warning_brutal_scam_guy_buys_a_ledger_nano_wallet/)

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January 27, 2018, 03:51:34 AM
 #44

When exactly did you buy the ledger where you got it that quickly?  Where are you located?

So you would suggest not buying one on amazon.com then right?  So basically as long as you reset it, then its no problem no matter what?
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January 27, 2018, 01:10:01 PM
 #45

When exactly did you buy the ledger where you got it that quickly?

I bought it before the new year, I don't know exact date. (Ledger wasn't out of stock yet at that time.)
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Where are you located?
Slovenia, Europe.
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So you would suggest not buying one on amazon.com then right?
If you are not in a hurry and you don't need Hardwallet urgently I would suggest you to wait and buy it from Ledger official website.
IMO in a year or two there will be a few more hardware wallets manufactures and their price should go down. (Like USB)
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So basically as long as you reset it, then its no problem no matter what?
I believe so. Since it should generate new mnemoric seed (private key). But please read more about this, since I'm not sure.

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January 29, 2018, 09:31:37 PM
 #46

What happens if your ledger nano s no longer works etc?  Could you restore your wallet on a computer if you cannot get another nano ledger s?

Yes, it can be restored. When you initialize your wallet, you will see the list of keywords that you should to record. And you can to restore the wallet using these words.

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February 06, 2018, 10:25:31 AM
 #47

How long does it take to receive it from the official site?

I got mine in one week, but as you can see on their website: https://www.ledgerwallet.com/products/ledger-nano-s, they are our of stock.

Quote
Currently out of stock. Order today and get prioritary shipping from March 26

So it will take about 2 months to receive it atm. And be careful if you will buy from resellers. (https://www.reddit.com/r/btc/comments/7ofrqf/warning_brutal_scam_guy_buys_a_ledger_nano_wallet/)

   They are out of stocks and you can order it, but they will start
with distribution only in the beginning of April. Prices are going down
and I think I can wait couple more months before I buy it.
   I am from Serbia, that is not so far from Slovenia and on their offical
site with delivery price is 100 Euros, not so much for people that like
to be protected.
   Ledger Nano S or Ledger Blue, I have a bit more time before I make my
final decision. Blue is my favorite! Looks better than any Trezor.

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October 11, 2018, 10:43:52 AM
 #48

Hi,

have a doubt about the ledger nano s and the 24 word recovery phrase. if the 24 words are already decided beforehand and already assigned to each wallet isn't this is a breach of security? infact if there was an employee or somebody (or a system) detecting what each wallet 24 phrase is , can't it be restored on another wallet and the private keys stolen (and the money)?

or is the recovery phrase chosen by us at the moment , after we open the package?
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October 11, 2018, 11:19:48 AM
 #49

Hi,

have a doubt about the ledger nano s and the 24 word recovery phrase. if the 24 words are already decided beforehand and already assigned to each wallet isn't this is a breach of security? infact if there was an employee or somebody (or a system) detecting what each wallet 24 phrase is , can't it be restored on another wallet and the private keys stolen (and the money)?

or is the recovery phrase chosen by us at the moment , after we open the package?

The recovery phrase should be generated by you... This is usually done when you initialse the hardware wallet. If you receive a hardware wallet that was already initialised, you shouldn't use it (IMHO). Hardware wallets are cheap, you shouldn't buy a used one, but instead buy a new one directly from the company itself, so in case it's initialised you can consider it to be compromised, and you have no idear if the person comprommising the hardware wallet messed with the hardware itself to.

If you don't trust the company itself, you can always use different (offline) tools to generate a seed phrase, and enter this independant seed phrase in your hardware wallet.

BTW: answering to a thread that has been inactive for 6 months is frowned upon. You did the right thing by using the search function and not creating a new thread, but in this case it might have been better if you found a more recent thread or created a new one anyways Wink

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October 11, 2018, 11:51:09 AM
 #50

Hi,

have a doubt about the ledger nano s and the 24 word recovery phrase. if the 24 words are already decided beforehand and already assigned to each wallet isn't this is a breach of security? infact if there was an employee or somebody (or a system) detecting what each wallet 24 phrase is , can't it be restored on another wallet and the private keys stolen (and the money)?

or is the recovery phrase chosen by us at the moment , after we open the package?

The recovery phrase should be generated by you... This is usually done when you initialse the hardware wallet. If you receive a hardware wallet that was already initialised, you shouldn't use it (IMHO). Hardware wallets are cheap, you shouldn't buy a used one, but instead buy a new one directly from the company itself, so in case it's initialised you can consider it to be compromised, and you have no idear if the person comprommising the hardware wallet messed with the hardware itself to.

If you don't trust the company itself, you can always use different (offline) tools to generate a seed phrase, and enter this independant seed phrase in your hardware wallet.

BTW: answering to a thread that has been inactive for 6 months is frowned upon. You did the right thing by using the search function and not creating a new thread, but in this case it might have been better if you found a more recent thread or created a new one anyways Wink

thanks for your answer and detailed info!
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November 12, 2018, 07:22:39 AM
 #51

I'm planning to buy a hardware wallet recently. It's hard to make decision. It seems Ledger Nano S, keepkey and Trezor are all good. But still a little worried about the case that the wallet can be attacked by hackers via usb. I saw a youtube video talking about another brand wallet named Cobo Vault. It only has a charging port. Sounds interesting. Did anyone see this wallet before?
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November 12, 2018, 10:26:55 AM
 #52

I'm planning to buy a hardware wallet recently. It's hard to make decision. It seems Ledger Nano S, keepkey and Trezor are all good. But still a little worried about the case that the wallet can be attacked by hackers via usb. I saw a youtube video talking about another brand wallet named Cobo Vault. It only has a charging port. Sounds interesting. Did anyone see this wallet before?

I'd say the best are the nano s > trezor > keepkey (my opinion).

The whole purpose of a hardware wallet is that it can be attached to a malicious computer, and still be safe from funds being stolen.
The reason for that is that the private keys are stored in an isolated environment inside of the hardware wallet.

They can NOT be attacked via USB if they don't have a vulnerability.


I have looked at cobo vault, and IMO this doesn't make sense. They claim that there is no connection to the outside. But i couln't find how transactions are being transmitted/broadcasted.
They claim the updates are done via inserting a SD card. This is the same as via USB. Malware can be transmitted via the SD card.

IMO, a company which claims their wallet is kind of unhackable because there is no connection to the outside, while using SD cards to transmit updates without understanding that this creates the same risks, isn't trustworthy at all.

I would advise to stay with the most known and tested ones (ledger, trezor, keepkey).

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November 12, 2018, 02:35:48 PM
 #53

I have looked at cobo vault, and IMO this doesn't make sense. They claim that there is no connection to the outside. But i couln't find how transactions are being transmitted/broadcasted.

https://www.indiegogo.com/projects/cobo-vault-military-grade-cryptocurrency-wallet#/

According to their indiegogo, "A patent-pending Dynamic QR Code transfers data between hot and cold devices to prevent hackers from capturing it in transmission." I still don't really understand how that is going to work, and surely whatever device you are using to generate or scan QR codes from this Cobo device needs to also be secure? No point having a hardware wallet if all transactions have to go via your mobile phone. I also don't understand how the SD-card-only-updates is supposedly more secure? So presumably you have to download the firmware on to your PC, transfer it on to an SD card, and then insert that card in to your wallet? There are so many potential things that go wrong in that chain of events.

Not to mention that the wallet hasn't even been released yet, so has had no external testing done on it, and they look to be charging somewhere from $300-400 for it. Why spend 4x the money on an untested device when you can just buy a Ledger?

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