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Author Topic: Ledger Nano S Plus alternatives?  (Read 194 times)
niftyswifty (OP)
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July 18, 2022, 03:54:05 PM
Last edit: July 18, 2022, 04:12:18 PM by niftyswifty
 #21

I just checked, and while Trezor model T supports 1816 coins and tokens, it neither supports ATOM or NEAR. Ledger Nano S Plus supports over 5500 assets (not sure if that's just 'coins and tokens' or also NFTs and that kind of stuff) and does have those two coins.
If I was you, I'd check how many coins I could transfer to the model T. Then check how much cash you hold in unsupported coins and evaluate if you're fine leaving them on the exchange or not.

I'm not advocating for keeping coins on exchanges, but I'm also not advocating for using exchanges in general. There's still a point I'd like to make: withdrawing and depositing is not always trivial and without issues. Besides fees, you risk getting your coins stolen by the exchange.
One recent such example: https://bitcointalk.org/index.php?topic=5404704

[Blacklist] of unreliable, 'taint proclaiming' Bitcoin services / exchanges
I call a service unreliable if I can't know 100% for sure that what I deposit will actually be credited to my account or not.

Especially for smaller amounts, it may really be simpler, cheaper and safer to leave them on the exchange. This may also depend on the exchange (size, reputation, ...) - some are more likely to pull off an exit scam than others.

As for amounts - I have more or less equal amounts in mentioned coins and mostly have them on Binance. And today’s invested value in each of it  is quite high for me to not be 100% peaceful (not like 100 bucks), so some solution has to be found Huh will continue investigating, but options are very limited  Sad
Pmalek
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July 18, 2022, 03:57:39 PM
Last edit: July 18, 2022, 04:12:49 PM by Pmalek
Merited by n0nce (1)
 #22

Especially for smaller amounts, it may really be simpler, cheaper and safer to leave them on the exchange. This may also depend on the exchange (size, reputation, ...) - some are more likely to pull off an exit scam than others.
That's also true. OP shouldn't just consider the withdrawal fees, but also what the minimum withdrawal amounts are on the exchanges where his coins are currently stored. I can't remember why I needed to use a Chinese exchange called Bibox. Must have been several years ago when I was getting rid of some altcoin. Anyways, that exchange is currently holding 25 USDT of mine. They have been there for years. Even if I wanted to pay whatever fees they would charge me, I can't touch those coins because their minimum USDT withdrawal amount is 40 via the TRC20 network, 50 USDT over Ethereum, and 60 for the OMNI layer. Another element to take into consideration unfortunately.

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DireWolfM14
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July 18, 2022, 09:25:02 PM
 #23

Sorry for the hot take, but if you can't afford the BitBox02 or Trezor Model T, something's not working out with those alt trades. If you can't make $200 in a reasonable amount of time with your alts, I'd personally recommend sticking to BTC..

Lol, I was thinking the same thing.  I wanted to be easy on the OP and not berate him for shitcoining.  Still, your post is just diplomatic enough to get the point across without going overboard deriding shitcoins.  Some alts have there uses, i.e Monero and hopefully, eventually, Grin.  Some might be useful if you want to try your had at swing trading, but I don't know of any that worth holding.

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n0nce
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July 20, 2022, 05:02:34 PM
 #24

Sorry for the hot take, but if you can't afford the BitBox02 or Trezor Model T, something's not working out with those alt trades. If you can't make $200 in a reasonable amount of time with your alts, I'd personally recommend sticking to BTC..
Lol, I was thinking the same thing.  I wanted to be easy on the OP and not berate him for shitcoining.  Still, your post is just diplomatic enough to get the point across without going overboard deriding shitcoins.  Some alts have there uses, i.e Monero and hopefully, eventually, Grin.  Some might be useful if you want to try your had at swing trading, but I don't know of any that worth holding.
I'm not an expert on alts, but most of the time someone mentions one, I check the price history against BTC and they almost always look terrible as a store of value. In this case, Monero seems to be quite okay, but Grin lost against Bitcoin consistently basically since its inception, from what I can tell.

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DireWolfM14
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July 20, 2022, 05:20:55 PM
 #25

Sorry for the hot take, but if you can't afford the BitBox02 or Trezor Model T, something's not working out with those alt trades. If you can't make $200 in a reasonable amount of time with your alts, I'd personally recommend sticking to BTC..
Lol, I was thinking the same thing.  I wanted to be easy on the OP and not berate him for shitcoining.  Still, your post is just diplomatic enough to get the point across without going overboard deriding shitcoins.  Some alts have there uses, i.e Monero and hopefully, eventually, Grin.  Some might be useful if you want to try your had at swing trading, but I don't know of any that worth holding.
I'm not an expert on alts, but most of the time someone mentions one, I check the price history against BTC and they almost always look terrible as a store of value. In this case, Monero seems to be quite okay, but Grin lost against Bitcoin consistently basically since its inception, from what I can tell.

As a store of value, yes I agree that Grin is yet another disappointment.  I only mentioned it along with Monero for it's privacy features.  I haven't messed with Grin for about two years now, so I honestly don't know what they've been up to recently.  As far as I can tell, Monero is still the go-to coin for private transactions.

I also agree that Monero has held it's own as far as a store of value, but I don't hold any XMR for extended periods of time.  I can't think of a single other alt that even comes close to bitcoin's superiority in that regard.  With Segwit and now Taproot making transactions smaller and lighter, I tend to think that even Lighting's days are numbered.

Something Hal Finney wrote once does keep popping up in my mind, however.  Once he suggested that eventually each "bank" would create it's own stable coin that runs on a chain with fast confirmations, and it would all be backed by hodling bitcoin.  If Binance and Coinbase weren't so anti-bitcoin I could almost see BNB or USDC fitting the bill. 

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n0nce
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July 20, 2022, 07:46:21 PM
 #26

I also agree that Monero has held it's own as far as a store of value, but I don't hold any XMR for extended periods of time.  I can't think of a single other alt that even comes close to bitcoin's superiority in that regard.  With Segwit and now Taproot making transactions smaller and lighter, I tend to think that even Lighting's days are numbered.
I can't agree with the last statement. I'm the first to point out that Bitcoin on-chain transactions aren't 'too expensive' and that we need 'this new hot coin' to fix it etc., since I'm very happy to pay a few cents to a dollar for a transaction. However, these fees will never come close to Lightning fees. Lightning is cheaper and maybe more importantly, the fees don't really fluctuate like on-chain fees. You could e.g. use Lightning when the mempool is full and do on-chain when you can get transactions confirmed for 1sat/vB. What's unique compared to using an altcoin is obviously that you never 'leave' the Bitcoin currency so there are no conversion rates to worry about and no exchanges needed either. Except for maybe an 'instant exchanger' that uses submarine swap technology like bolz.exchange.

Something Hal Finney wrote once does keep popping up in my mind, however.  Once he suggested that eventually each "bank" would create it's own stable coin that runs on a chain with fast confirmations, and it would all be backed by hodling bitcoin.  If Binance and Coinbase weren't so anti-bitcoin I could almost see BNB or USDC fitting the bill. 
What's interesting about older statements from the early Bitcoin community is that they often do manifest themselves in the future, but a bit differently than what the original wording suggested. Similar to how sci-fi books and movies predict(ed) the future.
In this case, I'm with you that 'banks' will not be the traditional banks themselves, but similar entities. Exchanges could have filled that spot, but so far they all look pretty bad and anti-Bitcoin; mostly shitcoin-focused, with the purpose of maximizing their own profits. It's possible that larger Lightning nodes or sidechains will take this role.

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