Ledger Hardware Wallet – Is it Safe OR not? Is my private key, really private?

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Ralph Chua is a publisher. He is passionate about NFTs and blockchain technology. This website is curated with content from his favorite source of information. He created this website with the intention to stay up to date with the ever-evolving and groundbreaking NFT industry.

The fact was what happened here and what The feeling is about it so on day one They dropped a big thread saying yo we Have a new thing called Ledger recovery It's going to give people who don't want To actually have their own Keys an Opportunity to sort of just pair it off To someone else essentially Where another bank is kind of what it Sounded like especially And it got met with a very very large Amount of Hit back you know people were like what The actual [ __ ] are you doing Um because they were like yo all you Have to do is sign up for this new Update and it sounded like when they First said it that everyone's gonna have This no matter what and it's going to be This situation where anyone can kind of Go through a back door and have access To your leisure and everyone was like Wait a second I thought that was never Part of the game and I thought that was Not part of part of the gig when I first Signed up and then someone came out There was a bunch of confusion saying yo Everyone has always had a back door There was another side of it saying no No it's only if you accept this recovery And choose to do it do you not have Access and now we're seeing a lot of People saying No this has pretty much Always been there

And then uh Ledger I know has deleted a Couple things since just to sort of keep Himself safe and figure out the right Way to kind of go about the pr and then Instead of saying yo we're gonna either Roll it out or we're not they said how About this crypto Twitter just [ __ ] on Us like they don't give a [ __ ] whether Or not it was right or wrong they're Just saying that's not okay for y'all to Just roll this out so now we're at a Point at least the last time I heard They're gonna roll it out but only after It's been checked by everyone so I don't Know what that means I don't know like What time frame that looks like all I Know is ledger really really took a risk By doing this because this is very bad For people who are deep in crypto who Are big proponents of autonomy taking Care of your own stuff having the full Responsibility I just know that's not Possible for 99 of people so I don't Think this is that bad it's only going To be bad it's and it's going to be very Bad it's only going to be bad if it Comes out that there's always been a Back door and there's always been a way To get your funds if that comes out even Though I'm loyal to Ledger and I've got Friends in the team I would leave Ledger if that comes out That yo this has always been there's Always been a back door it's never

Actually been safe we're not quite sure How this is like how we're at at this Point right now but if it comes out that That's always been the case then you're Shit's not safe in Ledger it's just Literally not like I don't have a choice It's not like I want to leave but if we Find out that there's always been a back Door whether or not you're the one who Clicks on on Ledger recovery yes Bro yeah I guess I'll have to go to Oculus or something I don't really want To but Yeah so I I think case covered it really Nicely Um you know I I understand the thinking Of Ledger is saying look if we want Proper Mass adoption yes Ledger has got A a huge market share the biggest market Share as far as Um and you know having your own Industries not your queen having control Of your own crypto having your own Um phase phrase it without it no one can Access it Um and that's what we want as we're Pretty natives the downside of that is That you know if you do lose your your Paper with your recovery phrase on that And you've got a million dollars or 10 Million dollars or whatever in assets Hey that is lost forever so you can Imagine they're just saying look if we Can safely completely safely have a way

That we can avoid that and allowed it to Be some sort of recovery of the phrase In the correct circumstances and put Everything in place that that can only Happen by the holder whatever like a Band does if you lock yourself out of Your online banking profile by putting In your wrong password word three times You can walk into a bank you can provide Some information and you'll be able to Get your account back and I think that There's definitely Merit to that and to Wanting that to to having the ability to Do that but that does that is at odds And does jeopardize Um the safety of being your own bank Which is what crypto is all about in a Way so I think it was it was something That they should have known that there Would have been backlash I think there Was huge misunderstanding in general That people thought that number one they Had already rolled this out and at Number two that wrote in this app meant That their key was backed up to a Third-party place where if that place Was hacked it someone could access their Their assets which is not the case and Legends coming in and saying no that's Not the case you would still need your Own device in order to be able to Recover it but we were just exploring Those ways now on the other side of that Queen so that was the very kind coin to

Ledger on the other side of the queen You said Okay a web 3 native company Like Ledger valued at close to you know A billion or two they should know that Their key Market currently is web3 Native and that their key Market Currently does not want anyone having Including themselves having any access To be able to get there for their phrase And their keys and they should have Really rolled this out a lot more Carefully they should have had spaces For months before and ask people how They think and have proper polls where People could vote and and and and Explain it properly and have seminars Where they explain it and so that it Wasn't such a shock but they came out And as Kate said they have deleted the a Lot to begin with but they've come they Came out and basically had this video Saying oh we're launching Ledger Recovery now if you lose your keys There's a way to find them back and Everyone freaked out Um and now what they've done the final Thing that they've done is they've put a Pause to it for now and they've said the First thing that they're going to do is They're going to consult more the second Thing is when they ready they're gonna Actually provide access to the logic so That third parties whether that be a Coda just an individual person with

Coding ability as well as companies can Verify what they're saying that it's not Anyone that can access it however it's Just you with your own device if you can Prove certain things and then they'll See where it goes so yeah disappointing From a company that's where three native That they didn't Um expect the backlash that they were Going to get and we saw the same thing With moonbirds when they all of a sudden Make it made it not CCO or whenever There's been a unilateral decision made That affects the holders we see the same Backlash there you know that's what web3 Is that we want to be included that's Why there's doubts that's why there's Things that that's that's my Understanding of all of it Um but it does hurt their brand because People held them in very high esteem and To see them come out to launch something And then Backtrack on it into it and Yeah they weren't sure themselves yes if They've made a mistake let's rather Backtrack but on the other side why make This mistake in the beginning when You're such a massive web free native Company this is about awareness like You don't have to do you don't have to Go this level of transparent for every Announcement but this is probably the Biggest announcement ledgers ever made Ever and the way the fact that they roll

It out like this I'm like dude Y'all have got to know y'all all right Y'all I made a tick tock about this I Actually did really well and all by the Way if you're a content creator right Now green screen I heard garyvee talk About this about a year ago and I think He was too early right now green screens Are doing well like I'm getting Four times the amount of uh views on it Just just by using the green screen I'm Also finding myself watching a lot of Green screen content so it's working Just make yourself really small stick Yourself in the middle of the screen and Talk about it but with leisure Um They I was gonna say uh He was saying Gary uh yeah yeah hold on It was it was right before the garyvee Thing about uh about the content Whatever I mentioned in that video here Actually let me play this video because It's super quick or actually not enough Right now I'm gonna well the idea there The idea with it was like if you you Need to know Ah God damn it because I already I Already said there was something right After that I don't remember what I was Gonna say never mind so the way the Thing that I ended up staying and if it Doesn't come back to you we'll just Carry on it doesn't matter the thing I

Ended up saying is that you would expect More from a web 3 native company like Ledger than just rolling things out Without you know speaking to the Community and anytime I've seen anyone Do that in web3 and it just surprising Them and you were saying that this was Their big first the first big Announcement that's what you started Saying and then we shared crypto dreams Comments and then we went and then we Lost it but I don't know does that does That help in any way it should I'm just Trying to figure out because I only that Video was only like less than a minute Long so here let me let me play it Because if I play it here we should all Be able to hear it because I just do it Yeah Let's see if this pops up here We'll see if it'll play And here we go I'd have to agree pretty much here the Fact that most people aren't responsible Enough and honestly don't even want to Be responsible enough to have a to Control and have custody of other coins And all their money but I think the real Thing with this conversation the reason It got so much [ __ ] heat the Leisure Uh story in general is because the whole Thing with like the back door how they Like always kind of could access your Funds and people just are like so could

You always have done it or was this Really really just this recovery update That you guys just rolled out which now They've actually pulled back and said Look we're not going to drop it until It's been checked by everybody crypto Twitter went [ __ ] berserk over this [ __ ] and literally forced Ledger's hand I'm actually I'm actually okay with this Especially if it comes out that Ledger's Whole thing could have been you know There could have been a back door the Entire time I would love to know if That's true or not this will be Ledger Is one of their biggest biggest Pivotal moments I mean they are a crypto Hardware oh wallet companies predicate On safety this next update this recovery Could make or break their company we'll Be keeping track here at the George Kingdom make sure you follow so that was My point the very very end that last Statement was just like Of a specifically a crypto Ledger wallet company it's like dude That it I mean that you just gotta know Where you stand like bro you're a crypto Hardware wallet company it's not like You're not any uh you're not anything Else you're just a crypto hardware Company you're your only thing is that You exist for the safety of people's Crypto assets I'm like that is it's just So tone deaf I'm like guys what the what

The [ __ ] dude like it's just hard to Know because I don't know who was Involved in this decision I don't know If everyone team especially people that I know that I know or think through Things I'm just I just can't I just Can't like for the life of me I think it Was a backdoor I don't think there was a Backdoor I think it's a new update that We're planning on doing Um but but yeah I mean there's always a Hierarchy in companies you've got your Main decision makers the rest of the People are not there to be involved in Those decisions and the management can Ask them for their input but in the end Of the day they there to enforce those Decisions so the the decision is made High up and then it's okay here's a Meeting this is what we've decided make This sound good Market this correctly or Whatever might be so you know you can't Put blame on any individuals in the Company for doing it again we really Early and I think even the big companies Are learning Um and you know let's just definitely Learn from this what damage this does to Their brand remains to be seen Um but you know in the end of the day Again A noble Um sort of cause or want we understand Why we want Mass adoption and this is

Something that that could help that but On the other side the other thing like They they did those latest ones that are Supposed to look nice and look like a Necklace that you wear around your neck And you say to yourself hold on if I've Got two million dollars sitting there I'm not going to want to wear that Around my neck are you guys not Understanding what we're using your Devices for I don't want to I always Thought that I was a I don't want a Ledger hearing I don't want it on my Keys I didn't know it was actually your Ledger I thought it was like a pendant I didn't know that was actually supposed To hold your real Ledger my ledger is Not big like it's not going to fit Around my necklace you know it's the Next thing curings that if you lose your Key Rings or if your carrying gets Started you've lost two million dollars Yeah and no I don't want to carry my Ledger around with my keys I don't want It around my neck it's like me literally Putting a massive piece of gold worth Two million dollars around my neck all Day no I'm gonna someone's gonna rub me I don't want to do that well I mean even If they got your Ledger they couldn't do Anything with it You're right Put one of your children in the Microwave oven I mean you know yeah

That's true I don't know she has stories In South Africa there was one there was One three I mean it's too terrible I Mean that's what they did they put the Baby into the oven and said we're going To switch on this oven unless you open Up yourself no wait hold on what just Happened we just got rugged on Spaces Look at this you try you try to figure That out we just got completely right Look at the screen it's like it's there But it's not you see the you see the Faces Yeah it's like it's still going it's not It just informed me that it's just ended Maybe because it was

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