Launch Oct 24 - Ledger wallet rolls out cloud-based private key recovery tool \ stacker news ~bitcoin

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Launch Oct 24 - Ledger wallet rolls out cloud-based private key recovery tool

125 sats \ 9 comments \ @Wumbo 25 Oct 2023 bitcoin

Looks like Ledger is launching their service on October 24 which is:

designed for users who “want to add an enhanced layer of resilience”

https://cointelegraph.com/news/ledger-cloud-private-key-recovery

According to social media posts, the Ledger Recovery service will be available at $9.99 per month, or about $120 per year. If a user fails to pay the subscription, the subscription will be suspended, allowing the user to reactivate the subscription in the next nine months.

I do like companies innovating but I am dubious this will be a good service.

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1 sat \ 0 replies \ @kepford 25 Oct 2023

I'm not surprised. Was a matter of time until they rolled this out again. IIRC the CEO or whatever said there is market demand for this feature. I believe that. The issue is that people don't understand what they need is not what they want. I wouldn't even own a ledger device let alone use this service. Gonna be a lot of touching the stove over the next 5-10 years.

A fool and his bitcoin will soon be parted.

1 sat \ 1 reply \ @ryu 25 Oct 2023

Is this the same thing they got shit for months ago, and they're still going ahead with its launch?

Lmao.

100 sats \ 0 replies \ @Wumbo OP 25 Oct 2023

Yes, I believe this is the same product they where proposing.

If you want to hear their response to criticism and some back and forth I suggest the WBD episode with Ledger CEO - #182285

I understand what Ledger is trying to accomplish but it has a number of ways it could fail in dramatic fashion.

0 sats \ 0 replies \ @btcthinker 27 Oct 2023

A company whose emails can be leaked is launching a private key backup feature.

0 sats \ 0 replies \ @lpop4254 25 Oct 2023

😆😆😆

0 sats \ 2 replies \ @siggy47 25 Oct 2023

Sounds like a terrible idea from what I see here. Maybe I should look into it further.