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Author Topic: Hardware wallet help !!!  (Read 341 times)
Lucius
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October 19, 2019, 12:48:10 PM
Merited by ABCbits (1), Pmalek (1)
 #21


Even if you connect your wallet to an infected computer you will be safe and your private keys will not be leaked.

This is true, but only by what the current situation is. Although hardware wallet undoubtedly has distinct advantages, it is not bulletproof or maybe it's better to say it is not resistant to human stupidity. Private keys should be safe even if hardware wallet is connected to the infected device, but only if users are check for any action of HW display. Clipboard malware (address changer) can attack any UI (Ledger Live, Electrum...) and coins can be sent to hacker addresses. Some users do not understand the importance of seed so they type it anywhere, and in most cases lost their coins.

It's not about what you use, it's how you use it. Any desktop or mobile wallet in the hands of an experienced user is a less risky way of storing crypto, then any hardware wallet in the hands of an inexperienced user.


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Pmalek
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October 20, 2019, 06:39:00 AM
 #22

Although hardware wallet undoubtedly has distinct advantages, it is not bulletproof or maybe it's better to say it is not resistant to human stupidity.
it is not resistant to human stupidity and laziness. Clipboard viruses are a threat even for hardware wallets, that is true. But users are too lazy (and a bit stupid) to double check the address they are about to send to and they usually realize that their Bitcoin is gone when it is too late.
The seed is not meant to be shared with anyone or saved online. It says so on the recovery sheets that are included in the package of your hardware device. It is also stated on the Ledger website but my guess is that most people don't even read those and immediately plug their device into their computers.
   

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o_e_l_e_o
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October 20, 2019, 09:32:10 AM
 #23

Although hardware wallet undoubtedly has distinct advantages, it is not bulletproof or maybe it's better to say it is not resistant to human stupidity.
There is no security system in the world which is entirely resistant to human stupidity, and unfortunately, there is plenty of human stupidity to go around. There was a story not long ago about Coinbase itself (not Coinbase users, but the actual exchange) being hacked via phishing emails sent to their employees. Of all the places to target, you would have thought that Coinbase employees were less stupid about this kind of stuff than the average person, and Coinbase would have some proper security in place to prevent it.

It says so on the recovery sheets that are included in the package of your hardware device.
It's definitely true that many users don't read the instructions before using their device, but I've always thought the "Store it securely" and "Don't share it" warnings are not clear enough. I've always said that we should be telling new users that as soon as you have to enter your mnemonic phrase anywhere, you should consider it compromised and sweep the wallets immediately. I'd much rather they err on the side of caution than take a risk.
Lucius
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October 20, 2019, 10:17:31 AM
 #24

There has already been some discussion about this, but I think part of the problem with hardware wallets comes from the fact that all the instructions and the websites of the manufacturers themselves are in English (both Trezor&Ledger). When we consider that this language is very difficult or completely unknown to some people, it is quite realistic to expect that some users do not really understand the very basics of using hardware wallets.

Good advice for them would be to try translate the whole page with Google Translate, it certainly won't be a perfect translation, but it can still help overcome the language barrier.

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LTU_btc
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October 20, 2019, 06:49:08 PM
 #25

If you hold just two coins - Bitcoin and Monero, then it's not worth for you to buy Nano X because it costs 2 times more than Nano S and you don't need all features of Nano X, like keep up to 100 coin apps at the same time.
Ledger being not open source isn't an issue - in all these years in crypto industry they proven to be trustworthy. So, you're safe as long as you buy wallet from official website.
And yeah, it's possible to connect Ledger to smartphone through OTG cable, meanwhile you can connect Nano X to your phone via Bluetooth.
I don't know much about Coldcard, but I see that's not cheap wallet. So, I don't see any reasons to overpay for you when cheaper wallet Nano S satisfy all your needs.
And if you're not in rush to get hardware wallet, I suggest you to wait some time - usually Ledger offer great discounts on Black Friday.

Pmalek
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October 21, 2019, 08:39:06 AM
 #26

There has already been some discussion about this, but I think part of the problem with hardware wallets comes from the fact that all the instructions and the websites of the manufacturers themselves are in English (both Trezor&Ledger). When we consider that this language is very difficult or completely unknown to some people, it is quite realistic to expect that some users do not really understand the very basics of using hardware wallets.
This is definitely true. Although English is the #1 language in the world many people don't speak any English. The website is only available in English, one would think that they could at least translate it to French and Spanish as well.

When installing Ledger Live you are also not given an option to change the language. I am not sure if you can do that from the settings later on once it is installed.

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naska21
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November 07, 2019, 07:49:47 PM
 #27

So I am debating what wallet to get I don't want anything flashy like the nano X etc just holding 2 coins btc and xmr ( monero )

So i am down to either picking ledger nano S or coldcard but I need a reliable safe place to store it I know ledger has a name but it isn't open source right so anything can happen in the future if btc goes up in price and who knows if the card is backdoor idk i just want a reliable safe place to store these two cryptos any suggestions?

also is it true the nano S can be use also not just from your computer but I can pay on the go with the OTG cables and connect it to my phone with the ledger live app?

Sure ledger nano s, adding 25th password to the SEED like nothing else will make this hardware wallet safe and reliable. Besides  that device may keep at least   two sets of private keys - first one  is that  relevant to bare SEED while the second - to the SEED + 25th word.  You can use different PIN codes  to switch between the two sets.
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