the LEDGER wallet KYC situation \ stacker news ~bitcoin

ledger going soft KYC

as an option

for now

ledger is a large company and as such they are easy to blackmail. it is obvious that this has happened. expect mandatory KYC at some point. not in the next months, maybe not this year but they will ask to to do KYC in order to upgrade your firmware.

this means that you have time to pick another hardware wallet. let me explain how:

do not panic. unlike what you may have heard from some clowns today, ledger is not compromised. ledger funds never got hacked. ledger never had funds stolen. this is not about security, it is about freedom. just do not use ledger, do not touch it, do not upgrade the firmware. you can always restore ledger without a ledger using your seed. you can restore it on any other wallet. ledger support even tells you that on their website how to do it using different wallets.

https://support.ledger.com/hc/en-us/articles/4404388633489?docs=true

anyone who has your 24 or 12 word seed can restore your ledger on any other wallet which supports BIP32/39/44

the next wallet you choose for storing your main funds should be used multisig. you can still use your old ledger and your new wallet mutisig. recommended wallets are electrum or sparrow. both have all capabilities you need to manage your funds.

i would only buy an offline hardware device which can do both bitcoin and lightning transactions. then you will not need a slavephone to transact. you create a normal account and you could use the device to pay the farmers for your eggs and meat and it would serve as the second signing device. even if the device gets stolen or compromised, only your small amounts for daily purchases are lost. the main wallet could be easily restored either with a cloned device or just with the seed.

0 sats \ 2 replies \ @DarthCoin 16 May 2023

i would only buy an offline hardware device which can do both bitcoin and lightning transactions.

No you are wrong. You CANNOT do any LN payment with an offline device.

0 sats \ 1 reply \ @drfred OP 16 May 2023

that is sad. lightning has many flaws. that is why almost no one uses it at the moment. 95% of transactions go through the bitcoin network which is easier to use and manage(when it is not clogged up).

i thought about the bitcoin transaction they did in africa with an old nokia, but they needed a sim card. it was not on the web but on the phone network. they transfer sats using sms. didn't they use the lightning network?

i would also only buy a battery powered device which can do both. please let me know when you are aware of one. maybe that is the solution. a ctc/ligntning device with sms access but without web access.

the current wallets cold card, blockstream jade are extremely overpriced without adding value. i do not think that many people who already own a ledger or trezor will buy them. both ledger and trezor are fine.

300 sats \ 0 replies \ @DarthCoin 16 May 2023

lightning has many flaws. that is why almost no one uses it at the moment.

OK, nice to meet you shitcoiner. Looks like you have no idea what are you talking about.