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ohsomofo

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  1. ... Over the last 30 days it processed two billion dollars (as of this writing) worth of interbank and interpersonal transactions — about 40 seconds’ worth of volume on the SWIFT interbank network — after three years of being available to banks to trade 90% of the world’s high-volume currencies. — Utility matters. In 2018, estimated XRP payment volumes already exceeded Bitcoin payment volumes: $BTC: $3,526,212,015 $XRP: $4,130,574,227 (+17%) (USD, 2 January 2018) https://mobile.twitter.com/XRPedia/status/949819429377990657
  2. Release 3.0.4 : (Security update) * Fix a vulnerability caused by Cross-Origin Resource Sharing (CORS) in the JSONRPC interface. Previous versions of Electrum are vulnerable to port scanning and deanonimization attacks from malicious websites. Wallets that are not password-protected are vulnerable to theft.
  3. The only software that can ever see your key using a hardware wallet is the firmware on the device itself, which is protected with a secure chip. Transactions are passed from your computer and signed on the device then passed back to your computer for posting to the network. This is why you can even use them on a compromised system without risk. The keys are NEVER accessible outside of the secure element of your wallet device. If you choose to backup your seed locally or online, even with encryption, you defeat the purpose of a hardware wallet and your security is no better than saving your private key in encrypted form on a USB key. That said, you do have to trust the maker of the hardware wallet so I wouldn’t buy “Joe’s Discount Insecure Hardware Wallet” off of craigslist, but if you purchase one of the leading brands, direct from the manufacturer, you’ll have the most secure way of storing crypto possible. And it’s FAR more secure than storing your encrypted private key in any digital format.
  4. The downside of simply encrypting your private key and putting in on a USB key is that you have to clean up the unencrypted files securely anytime you decrypt the key to use or import it. Deleting files doesn’t do this and operating systems and applications often use temporary files that can leave your key exposed. And what about the system you access it from. If there’s any malware on the system your key can be compromised. It also means you’re probably using a software wallet. You then have to trust that wallet will properly protect your key when not in use. Regardless at some point it will be unencrypted in memory or possibly left on disk. A hardware wallet never leaks your private key from the device and all signing of transactions takes place on the device so even if your system is compromised, your key remains safe. Hardware wallets are the most secure option available and are worth the cost. It all comes down to how much security you want and how much you trust the integrity of your system. If you plan to invest more in crypto than the cost of a hardware wallet then get a hardware wallet.
  5. You’ll find a list of compatible wallets in the following link: https://ledger.zendesk.com/hc/en-us/articles/115005297709-On-which-wallet-can-I-restore-my-wallet-if-I-lose-my-Ledger-device-
  6. He’s limited in how much he can sell for a a few years. The article I read from Aug 2014 said $10,000 a week for the first year and then went on to say: The deal sets firm limitations on the amount of XRP McCaleb can sell over a seven-year period, with the timeline allowing McCaleb more freedom to sell his XRP holdings over time. The remainder of the schedule prevents McCaleb from selling more than: $20,000 per week during the second, third and fourth years 750m XRP per year for the fifth and sixth years 1bn XRP per year for the seventh year 2bn XRP per year after the seventh year.
  7. Not really sure what they might be referring to aside from the initial setup of the Ledger Nano S which can be accomplished offline. Other than that, the device itself is considered an offline hardware wallet and it doesn’t need to be connected when receiving funds into your Ledger wallet but you do connect it to an online system when sending funds from your Ledger wallet. The way it works is that the private key which secures your account is stored on the ledger device and never exposed to your computer or the internet, even when the ledger is connected to an online computer. In order to communicate with the Ledger’s secure processor you install software on your computer such as the various chrome wallet apps for tokens such as Bitcoin or Ether. For Ripple it’s a stand alone application that you install on your computer. You then install a corresponding wallet app on the Ledger device itself for each token you wish to manage. You install these device apps using the Ledger Manager Chrome app. The wallet app on your computer then talks to the corresponding wallet app on the Ledger device. The app on the device manages operations involving the secure processor which handles the actual signing of transactions using your private key. When you send funds you are basically constructing the transaction using the wallet app on your computer which then passes it to the corresponding wallet app on the Ledger for signing. The screen on the Ledger will show you the amount and destination address you’ll be sending funds to. If the information on the device’s screen is correct you click the button on the device to confirm. This prompts the device to sign the transaction and pass it back to your computer which passes it on to the network. Your keys are never exposed to your computer or the network and therefore cannot be used to sign transactions without your consent. So short story long, your computer does need to be online to send funds, but not to receive them. However, there are 3rd party wallet apps that integrate with the Ledger Nano S and those may allow you to construct transactions offline but it doesn’t add any security and just makes things more complicated. The Ledger or another hardware wallet with a screen that allows transaction confirmation is as secure as you can get. Using separate offline computers and transferring signed transactions to an online system is actually less secure by virtue of it being more error prone and you then have your private keys on the airgapped system. Even if they’re encrypted they will be unencrypted into memory when you go to create a transaction. You can’t boot into or install any malware onto a Ledger device which simply makes it more secure. See the following link for info on how they protect the firmware: https://www.ledger.fr/2015/03/27/how-to-protect-hardware-wallets-against-tampering/ And this link has some good info about wallet types: https://www.buybitcoinworldwide.com/wallets/
  8. What people are trying to determine here is if you’re trying to withdraw all your XRP from the wallet. You must leave at least 20 XRP in the wallet. If you try and send any amount that leaves you wallet balance below 20 XRP you’ll get an insufficient funds error.
  9. Is that $20 offer still valid? ?
  10. ohsomofo

    XRPL Monitor

    Here’s a neat little feed on Twitter that posts major transactions on the Ripple ledger. I think the minimum transaction it monitors is 5 million XRP. https://mobile.twitter.com/XRPL_Monitor
  11. It doesn’t matter if a computer used with the Ledger Nano S is compromised when conducting transactions. The actual confirmation and signing of the transaction takes place on the device itself before being sent to the network. Therefore the private keys which manage your wallet are never exposed to a compromised machine. As long as the transaction amount and destination address shown on the ledger device’s screen match what you intended in your transaction, then everything is good. Here’s a good review which may answer more questions. https://wikicrypto.com/ledger-nano-s-review/
  12. Check out this post; https://steemit.com/cryptocurrency/@debugger/hidden-options-in-ledger-nano-s-secret-multiple-wallets
  13. @Badger You do not need a special USB cable when connecting a Ledger Nano S to a computer so long as it provides both power and data (which is pretty much everything nowadays). If you’re connecting it to a phone, however, you will need a USB OTG adapter: https://www.ledgerwallet.com/products/4-ledger-otg Here are 2 reviews that provide more information about your other questions, but basically you can recover your funds with only the seed using compatible wallet software that you’ll find listed in the second link below. Mycelium is one such software wallet that’s compatible. https://www.buybitcoinworldwide.com/wallets/ledger-nano-s/ https://www.finder.com.au/ledger-nano-s-wallet-review @Sriram You cannot choose your own 24-word seed but see the end of this post for why it doesn’t matter. However, the newest version of the firmware allows for passphrase support as a hidden wallet inside your main wallet. This allows for an extra measure of security. The main wallet uses a standard 24-word seed while hidden wallets are created with a passphrase that would be like adding a 25th word to the seed. You manually enter this passphrase after accessing your main wallet from a menu on the Ledger. There’s an added benefit to this structure in that you can keep your main wallet setup with low funds and if forced to reveal your pin for your wallet, the attacker will only have access to the main wallet. Your hidden wallet will stay hidden until you manually access it through the menu setting and there’s no way for anyone to know whether you’ve setup hidden wallets. I’ve not used this feature so you’ll have to read up on it yourself. https://ledger.zendesk.com/hc/en-us/articles/115005214529-Advanced-Passphrase-options And finally the following link can be used to recover the private keys from your 24-word seed as well as passphrase protected wallets. I recommend following the directions for doing this offline if you must and boot using a live cd that doesn’t leave any trace on your hard drive as you will have defeated the whole purpose of using a hardware wallet if don’t. https://www.ledgerwallet.com/support/bip39-standalone.html Just for fun, the following link gives a breakdown on how secure a 24-word seed is. Hint: it’s pretty darn secure.
  14. Yes. The Ledger Nano S can only hold so many wallet apps at a time. You can uninstall and reinstall them to access the ones you need. https://ledger.zendesk.com/hc/en-us/articles/115005438185-Delete-uninstall-an-application-Nano-S-and-Blue
  15. If your crystal ball allows you to time the market for an asset whose price is influenced by articles from BuzzFeed more than it’s underlying technological implementation then all power to you. Just remember to buy low and sell high. And when you make big bank, don’t forget where you got that advice. ? As for the difference in price on various exchanges. You’ll lose money on fees and conversion costs trying to capture any profit if you hope to buy on one exchange and sell on another. Prices change too quickly to bet on that strategy. Or you’re constrained by the currency pairs available to work with. If only there were a digital asset with low transaction cost and quick settlement time you might be able to pull it off. One can always dream.
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