Why you shouldn't joke with Transparency

[5W-KILO]

I used to have a ledger hardware wallet and due to the points given on this forum about closed source wallets I decide to never stored my Bitcoin using the wallet, it's well kept and still brand new, my sister came back from college and start asking me to give it to her for Xmas since I have a Trezor hardware wallet.

I asked her why she isn't asking me why I decided not to use the Ledger hardware wallet, but she knew and she said just because it's closed source doesn't mean she can't use it, atleast millions of people are using Ledger hardware wallet today. After few lectures with points she changed her mind.

There is nothing too alarming as to why you shouldn't use a closed source hardware wallet or other hot wallets, the problem is people themselves, you can't depend on "trust me bro" style that closed source wallets are giving. if the wallets are open source we can view the code and be able to trust it even more, this is why going for open source hardware wallet is best. 100% transparency is the best.

Now I am in debt owing my sister a brand new hardware wallet, knowledge sharing has put me into trouble.😵‍💫

[Charles-Tim]

On this forum before, Trezor and Ledger Nano were the two most talked about reputed wallets. I was wondering that why should they be talking about Ledger Nano which its secure element is completely close source. They will post that Ledger Live is open source. I do not care.

Where the problem began was when after many data breaches, people's home address and other contact information were leaked to hackers. It got to the point that attackers were calling the people that are on the database as their phone numbers were also leaked. Although, it was said that they were speaking another country's languages.

Also it got to a point this year that Ledger Nano users were sent mails. Not email but mails. I mean physical letters to the Ledger Nano buyers physical address. Which means they know where many of them are living. I am referring to those that bought the wallet directly from the company.

The data can be sold online.

Ledger began third party backup, the seed phrase can be sent to three different companies, probably 4 words or more or so to each company. Ledger said if government demand for it, that they will give the government the person's seed phrase/coins. Two bad things here: first is online backup, second is that Ledger is completely centralized.

It is wallet that I can not use.

[Ambatman]

Now I am in debt owing my sister a brand new hardware wallet, knowledge sharing has put me into trouble.

imagine what it would have cost you if she had used it and a breach happens
Who's she going to blame
Sometimes we just have to incur certain cost to prevent bigger ones.

100% transparency is the best.

To a user when it comes to a project or tool they would have to rely on
But the Blockchain itself in being transparent, it isn't 100% the best
Because privacy could be the line between ones safety and incurring 'damages'

[sunsilk]

That can still be used as a design display to your room but not to show it to anybody if you're still keeping yourself hidden as a holder to other people.

Ledger has been a good one in the past not until what happened to them as explained by Charles. I think aside from being transparent to people whom you love about hardware wallets.

It's also best to discuss to them to be aware of the potential scams that circulates around the hardware wallet purchases as well.

Those random emails that will tell you that your hardware wallet, Ledger/Trezor or whichever it is that it has been breached and you have to visit the link they including in that email.

And when they see that, they have to avoid and ignore them.

[BlackBoss_]

I used to have a ledger hardware wallet and due to the points given on this forum about closed source wallets I decide to never stored my Bitcoin using the wallet

Why I wouldn't buy Ledger ever again?

There is nothing too alarming as to why you shouldn't use a closed source hardware wallet or other hot wallets, the problem is people themselves, you can't depend on "trust me bro" style that closed source wallets are giving. if the wallets are open source we can view the code and be able to trust it even more, this is why going for open source hardware wallet is best. 100% transparency is the best.

Don't trust, verify.

You only are able to verify wallets if they are open-source wallets. You can verify them by yourself if you have technical skills or you can read reviews from community like this website.
https://walletscrutiny.com/

Reviews about Ledger wallets.
https://walletscrutiny.com/?platform=allPlatforms&page=0&query-string=ledger

[Rubuchi]

I used to have a ledger hardware wallet and due to the points given on this forum about closed source wallets I decide to never stored my Bitcoin using the wallet, it's well kept and still brand new, my sister came back from college and start asking me to give it to her for Xmas since I have a Trezor hardware wallet.

I asked her why she isn't asking me why I decided not to use the Ledger hardware wallet, but she knew and she said just because it's closed source doesn't mean she can't use it, atleast millions of people are using Ledger hardware wallet today. After few lectures with points she changed her mind.

There is nothing too alarming as to why you shouldn't use a closed source hardware wallet or other hot wallets, the problem is people themselves, you can't depend on "trust me bro" style that closed source wallets are giving. if the wallets are open source we can view the code and be able to trust it even more, this is why going for open source hardware wallet is best. 100% transparency is the best.

Now I am in debt owing my sister a brand new hardware wallet, knowledge sharing has put me into trouble.😵‍💫

this knowledge sharing now put you in debt of a new hardware wallet but you did the right thing sir by lecturing your sister . Your sister wanted the ledger because she saw millions of people using it which is understandable but I guess yo have told her the truth by exposing the real fact to her which she should understand. For the debt issue just tell her it is the Christmas spirit and maybe you should share some cost or get her a cheaper open source one like Trezor One if she still insists or you can still jokingly tell her that the lesson you gave her was worth more than the wallet just to whine her

[Aanuoluwatofunmi]

Ledger has developed this lapse in their privacy as they are not open source, this is just like saying that trust wallet is a good non custodial wallet, but also a closed source, which makes many other that are open source better than it , if there's nothing to hide, then the source code must be made transparent to all and open.

[Porfirii]

I ask myself, if they have access to your seed phrase, like some of you said, then if you lose them they should be able to restore it for you, shouldn't they? I don't think it's a standard service, but I may be wrong.

On the other hand, if that's true, there wouldn't be so much difference between having your sats in a hardware wallet like ledger, or in a custodial platform like any other CEX out there.