Ledger initialization

it's actually the 14 words

thanks user so there is no way somebody could initilize, enter a pin, write down the words, stop the initilazation process and he dismisses the pin process but keeps the same generated word list?

just make sure you lock your ledger when the prices are high

i legit feel bad for anyone thats gets scammed by something like this

if the seed words are pre-filled then you will lose all your coins

YOU HAVE TO GENERATE NEW WORDS.

Are you familiar with pricelocking using ledger OS, OP?

88

Underrated

isn't digital memory known to fail?
if you have recovery stuff on paper, how is that any different from a paper wallet?

i have all my cash in paper wallets with the keys encrypted on a few usb sticks.

these hardware wallets seem like an elaborate way to scam newbies out of a few bucks while giving them no extra security.

did you buy it from the actual website and not ebay?

Again Ledgers are shit and you should keep your money on Bittrex. If you don't have a Bittrex account then you're too late for crypto and you should go back to plebbit.

>these hardware wallets seem like an elaborate way to scam newbies out of a few bucks while giving them no extra security.

Not sure if you're just uneducated, or trolling hard

yep.

I like bittrex and leave a lot of money on there but their headquarters is a dirt lot

They're intended to allow you to improve security without sacrificing speed. A paper wallet requires regenerating the wallet every time you want to make a transaction.

No.

When you get the device, make sure you understand how it works. Generate a 24 word passphrase a few times if you need to demonstrate that it's unique each time.

Then put a small amount on it, wipe the device, and try to restore it from the passphrase you generated.

Test it, understand it, then trust it.

uneducated, probably. im weary of digital memory as I've had a few hard drives and usb sticks fail.

how are recovery codes different from a, paper wallet? someone robs your place, gets the device and codes... what then?

what about if the device is physically destroyed?

hi

>isn't digital memory known to fail?
>if you have recovery stuff on paper, how is that any different from a paper wallet?

the recovery seed is just a back up in case the hardware wallet fails or is lost. commit it to memory (easier than it seems) and you don't even need it on paper any more

>these hardware wallets seem like an elaborate way to scam newbies out of a few bucks while giving them no extra security.

no you're just an idiot, that's the problem.

Ah here we go. I thought it would have a pre-generated phrase 'from factory' for each device and its first initialization. That's exactly what I needed to know, I feel stupid now, appreciated
/closed

the recovery codes *are* a paper wallet, and should be treated as such

the point is that the hardware device allows you to securely *use* the private keys generated by the seed without exposing either of them to the external world (internet/compromised computers/people walking around)

also, the main reason people get fucked is having their keys in cloud storage or getting phished with a fake website.

if you have your keys encrypted with a password youve memorized, then print out the encrypted string, isn't that the safest method? maybe also toss the encrypted keys in a private github repo.

why would you rely on digital memory? it makes no sense.

oh, eth wallets do that by default. i get it now, these things are a crutch for btcs shit ancient tech.

/opened ;)

jesus christ you're stupid. stop talking.

>how are recovery codes different from a, paper wallet?
Recovery codes allow you to re-generate your keys if you lose or break the device. If you use a "paper wallet" (e.g. your 20+ word seed) every time you want to trade, you're effectively typing your private key into some service every time you want to move funds. This is about the least secure means of doing anything. You're effectively exposing your private keys.

> someone robs your place, gets the device and codes... what then?
Then they can access your wallet -- you're encouraged to really secure those words. Consider putting them in a bank if you're that worried.

>what about if the device is physically destroyed?
Then you use the 20+ words to recover the wallet, and you move on.

The benefit of using a hardware wallet is your private keys are never exposed, ever. The only wany your funds could move without your consent would be if someone somehow discovered the words, or physically stole your hardware wallet and knew the pin.

I have two ledgers.

One is in my house. The other is in a safety deposit box.

I etched the recovery key into a piece of stainless steel, and buried it in a ziplock bag *somewhere* on a mountain near my house.

The odds of both ledgers failing at once is almost zero.

The odds of both ledgers failing at once or being destroyed, AND someone digging up 5 feet of gravel in a random spot on a mountain with no roads and stealing my piece of steel? Never going to happen.

Lmao I can’t believe this

>Commit it to memory
We got a 180IQ genius in the room.

Hey I think I remember you from another thread. Where did you say you lived again? I was going to mail you a letter with some hot crypto information, but I forgot your address.

>im going to risk 100k because I forgot a keyphrase after 5+ years

>The odds of both ledgers failing at once is almost zero.
Chances are if they fail they'll fail at the same time actually

What are you even talking about....

You don't try to remember the 20+ words (although I imagine you could try...). You write it down and put it somewhere safe. And you make sure your hardware wallet remains safe.

Are you retarded?

LOL.

Even if I told you, it's buried far enough down that you wouldn't even hit it with a metal detector. And it's a few days of hiking in the bush.

I'm super skeptical of shit like this and waited forever to migrate, but now I am never, ever, ever, ever, ever going back to having private keys on my PC in any form

Nah. One lives in a climate controlled safety deposit box in a vault. It doesn't get plugged in, it doesn't get used... it'll turn on again in twenty years, if I need it to.

If it doesn't, that's what the piece of stainless steel is for.

That's pretty well thought out. Tell me more, so I can secure my own coins.

Buy from the official site, create a few phrases then restore fully. Create an autistic number sequence for a book you own so that you can restore as long as you have a copy of that edition

>You don't try to remember the 20+ words (although I imagine you could try...)

I have a ledger nano and a trezor with both recovery seeds memorized, I destroyed both of the paper seeds after i felt confident that i had them both embedded into my brain forever.

If you understand how memory works, it's not very difficult. I simply used the words to create a story that I replay in my mind.

It gives me peace of mind knowing that i'm no longer reliant on something written on a piece of paper. Things can happen to your paper seed stored in a "safe" place, the government can seize your safety deposit box, natural disasters, robbery, etc.

Fucker when u generate your
nano s it creates a new seed, the person who sells it to you can't have your 24 word recovery unless you get the ladder already set up you fucking idiots, fucking people are stupid.

why wouldn't you just bury it on your own property. I don't care how fucking remote some mountain is.

Hope someone cuts you one day you smelly pejeet

Yeah and you can also get head trauma in any minor incident in day to day life and completely forget your little memory story.

You can write things on other materials than paper, lol. e.g. STAINLESS FUCKING STEEL, NERD

My recovery keys cannot rust, burn down, melt, tarnish, be forgotten, and they cannot be coerced out of me. At best, I can tell somebody where they can maybe find it, but it's deep in the woods and the only person who can reliably find it under the best circumstances would be me. If you put a gun to my head, you still won't get the keys.

If you bury it on your own property, anyone can just come to your house (with a metal detector) overnight and take it within an hour and you'll be none the wiser.

When you have multiple millions up for grabs, people will spend money and take risks to attack you, user.

this is absolutely retarded.

>You can write things on other materials than paper, lol. e.g. STAINLESS FUCKING STEEL, NERD

it doesn't matter what material it's written on, as long as it exists somewhere physical, it's a security risk IMO

What if there's a flood or landslide, something that makes your steel impossible to get to?

lol you should be on some conspiracy show. Preppers or Doomsday Bunkers.

Why do people know you have millions of dollars worth of crypto? Why would people assume you store it on a ledger which is buried on your property?

>How do I know the seller didn't start the device, writes down the 24 words, seals it and sells it to me?

Because you will buy it from the official website. Hopefully.

There's a couple million dollars there. I could dig another twenty feet, if I had to. I could rent an excavator, if I had to. I could spend years trying to recover it, user, and it still wouldn't be a waste of my time.

Okay so let's assume you are a millionaire:

Why the hell would people assume you became so by crypto, then assume that you had a ledger, and then assume that you were thick enough to bury said ledger on your property?

Why is burying it outside your idea of security? Are you a fucking dog? You're a hypothetical fucking millionaire, invest in home security for fuck's sake. I assume that with your vast wealth you'd have lots of valuables contained within your home that you'd also not want stolen??

Do you own the land and right to haul a fucking excavator up to there and start a massive dig project?

If there was some landslide or something then people might fucking notice some jackass starting a huge digging project.

i'm fairly sure this is roleplaying, but just in case...

>How do I know the seller didn't start the device, writes down the 24 words, seals it and sells it to me?

if it came with 24 words, 100% the seller has them and plans to scam you.
this is because those 24 words are generated the first time you initialize it. if the words already exist at all, it was initialized.
DO A FACTORY RESET SO YOU CAN GENERATE A NEW 24 WORD SEED, OR THEY WILL ABSOLUTELY TAKE EVERYTHING. having the seed allows them to take your coins without having the pin.

since we can't be trusted, take reddits word for it
np.reddit.com/r/ledgerwallet/comments/7obot7/all_my_cryptocurrency_stolen/

>How do I know it wasn't initialized before??
it was. because those 24 words have already been generated by someone.

>I'm sure I don't get this right but how and when can I change / generate / create a new 24 word phrase just to make sure??

look up some instructions on howto factory reset it. which you 100% should because it sounds like you for sure bought from an ebay scammer.

they do NOT come with these from the factory. this is something created by ebay scammers to make it look official/make you feel safe. these words were generated by the ebay scammer.

>normie bait

>not writing your own 1000 page novel with code where the last letter of every first word from the first forty-five pages is a Vigenère cipher you could only decipher with a single word found only by a QR code tattooed between your toes

When you store money on binance is there a similar passphrase associated with the wallet that you just never see because it's built in.

because it was all bullshit and that's his hypothetical idea of what "security" is. maybe he should have just said he has it stored in an underwater vault in the middle of the ocean and needs to do a 1000 meter swim in scuba gear to get it.

most likely, the recovery seed is actually just sitting in his desk drawer waiting for it to accidentally be tossed out or stolen

lmao, ya'll fuckers are paranoid af.

i have my paper wallets in a usb hidden in *secret location*

>some master thief manages to figure this out and abducts you to find out the decipher so you end up having to bite off your QR covered skin

Holy shit and I am taking investment advice from people like this. Please tell me you guys didn't shill link...

I don't think you know how far metal detectors detect. Did you dig 30+ feet mole man ?

ONLY GOT 200 BUCKS SUCKS TO BE THE THIEF

>When you store money on binance is there a similar passphrase associated with the wallet that you just never see because it's built in.
>putting your trust in a chinese exchange

Is that a yes or is that a no

>get older
>tattoo unreadable

if youre not checking your security tech every 10 years to make sure you have the most secure stuff you're going to lose it

my sides

you can create your own key, and input that, google how to do it using python and then take your pc offline, create one, input into ledger

Are you trolling or are you serious? I didn't get it like that, I got a paper that I then had to write down every word on.

this

If you you use a separate ledger to restore with the 24 words do you need to use the same pin no. you had on the old one?

>Are you trolling or are you serious? I didn't get it like that, I got a paper that I then had to write down every word on.

Yes, i was kidding. Anyone who doesn't do extensive research on a device they are trusting to hold their funds deserves to have everything stolen

doesnt matter if it was initialized before, just create new seed keys. if they messed with firmware wallets wont work as the signature keys wont sign the apps to run.

trolling some guy lost all his eth from this scam.
ALWAYS make your own seed keys