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Superceding paper with Nano S


ZX81_1k
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I've always intended to hodl on a paper wallet but, even as a skilled IT worker, the technical logistics of doing this with sufficient spread of risk over multiple wallets for multiple coins, backup of each while not leaving a single, digital copy anywhere and, thereby, a possible point of exploitation has given me a serious headache. There must be a dozen possible exploits which would be repeated every time I attempted to sell any coins via an exchange as the wallet secret key would be exposed to the internet.

Solution.... Nano S. I never thought I'd want one or need one but thinking through the logistics of keeping coins secure from loss or theft it's become a no-brainer.

Is this the process everyone steps through before they get a hardware wallet?

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I've just ordered a Nano S. 
     
I am a little worried though. What happens if that **** fails? 
   
I'd like to hear from people who have held coins on their Nano S for the past year, and get some feedback from zerpers on the product from an XRP perspective.  

 

 

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25 minutes ago, Badger said:

I've always intended to hodl on a paper wallet but, even as a skilled IT worker, the technical logistics of doing this with sufficient spread of risk over multiple wallets for multiple coins, backup of each while not leaving a single, digital copy anywhere and, thereby, a possible point of exploitation has given me a serious headache. There must be a dozen possible exploits which would be repeated every time I attempted to sell any coins via an exchange as the wallet secret key would be exposed to the internet.

Solution.... Nano S. I never thought I'd want one or need one but thinking through the logistics of keeping coins secure from loss or theft it's become a no-brainer.

Is this the process everyone steps through before they get a hardware wallet?

After configuring a new wallet , and clearly noting down the recovery words(24 words in order). You should definitely check the integrity of the recovery words. Wipe the wallet clean by using the wrong pin thrice You wallet will get erased, now use the reconfigure your wallet. It should work, if it doesn't work after two attempts make a new wallet and then again recheck the integrity of the recovery. If it works download ripple into the nano s , download the ripple desktop app from ledger web-page, transfer XRP 20.50 to activate you wallet then transfer all your XRP. You are good to go.!!

 

Do check the recovery integrity of the wallet, you do not want to transfer funds without doing this in advance.

 

In case you loose your nano s, or do not wish to use the nano s. You can still recover your ripple wallet using the recovery phrase on another wallet in the future.

 

And absolutely do not share your Recovery sheet with anyone except your pets. Just make sure they dont eat it.

Edited by Jackdarippler
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4 minutes ago, Lando said:

I've just ordered a Nano S. 
     
I am a little worried though. What happens if that **** fails? 
   
I'd like to hear from people who have held coins on their Nano S for the past year, and get some feedback from zerpers on the product from an XRP perspective.  

 

 

Do what i suggested

Edited by Jackdarippler
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I gather that when you first set it up it gives you a recovery phrase. If you should lose the Nano you can buy a new one and enter the recovery phrase to gain access to ask your wallets again. So, you must keep the recovery phrase safe from theft, loss or destruction.

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I have a Software Wallet. I prefer not to buy into that extremely expensive Ledger Nano S, which I consider a Hype.
I mean 67 USD for that?. No way Jose´.

I guess they make loads of money on paranoia, just like insurance companys, f.i. when you buy a new Ultra HD TV.
 - You want an insurance too?
 - Why? I ask. It is new and it has a 3 year warranty. Why on Earth should I buy and pay more for an Insurance?
 - If it is an earthquake or a Tsunami, will that insurance get my TV back?

What happens after that is Silence.

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8 minutes ago, zenkert said:

I have a Software Wallet. I prefer not to buy into that extremely expensive Ledger Nano S, which I consider a Hype.
I mean 67 USD for that?. No way Jose´.

I guess they make loads of money on paranoia, just like insurance companys, f.i. when you buy a new Ultra HD TV.
 - You want an insurance too?
 - Why? I ask. It is new and it has a 3 year warranty. Why on Earth should I buy and pay more for an Insurance?
 - If it is an earthquake or a Tsunami, will that insurance get my TV back?

What happens after that is Silence.

i would have agreed with you about a few months ago Zen ..But they are ways peoples computers have been used to mine Bitcoins just by accessing a website. The industry will grow and with it dangerous exploits. i'am pretty sure by accessing a ton load of Crypto related websites, my browsing data is compromised and with it my identity as a potential investor in crypto.

 

 

Edited by Jackdarippler
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6 minutes ago, zenkert said:

I have a Software Wallet. I prefer not to buy into that extremely expensive Ledger Nano S, which I consider a Hype.
I mean 67 USD for that?. No way Jose´.

I guess they make loads of money on paranoia, just like insurance companys, f.i. when you buy a new Ultra HD TV.
 - You want an insurance too?
 - Why? I ask. It is new and it has a 3 year warranty. Why on Earth should I buy and pay more for an Insurance?
 - If it is an earthquake or a Tsunami, will that insurance get my TV back?

What happens after that is Silence.

Yea the price is off putting but the wallet values are focusing my paranoia. Working in IT I've learnt to trust no company and no website with my data. 

How do you backup the software wallet to a trusted third party?

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5 minutes ago, Jackdarippler said:

But they are ways peoples computers have been used to mine Bitcoins just by accessing a website.

Yeah - the Old famous Piratebay had a Javascript doing just that.
When it was detected - they changed it to just using 50% of the users CPU to mine Bitcoin, when on their website.
That is for me just another proof how Bitcoin works, and why I do not like BTC. There is something fundamentally wrong with Bitcoin.
But it is somehow a bit off topic.
Storing was the topic.
Not Bitcoin mining.

 

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Just now, zenkert said:

Yeah - the Old famous Piratebay had a Javascript doing just that.
When it was detected - they changed it to just using 50% of the users CPU to mine Bitcoin, when on their website.
That is for me just another proof how Bitcoin works, and why I do not like BTC. There is something fundamentally wrong with Bitcoin.
But it is somehow a bit off topic.
Storing was the topic.
Not Bitcoin mining.

 

Dont you think, if they can make your computer work for them, they can design a completely new key logger every now and then to bypass your desktop security and see exactly what you type on your computer, including your private key.

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I think the only advantage is the ability to operate from any computer without fear of compromise.  

Otherwise it's pointless if you have the ability to create and operate a cold wallet.  For instance with a cold paper wallet you need to keep the secret key.  With ledger you need to keep the phrase.  So same issues for both.

You can trade with a cold wallet without it ever going online.  So like I say...   for convenience of operation at other computers it's good,  but otherwise no better and certainly no more secure than a paper wallet.  

Edit:   And HODLers don't need to trade so......

Edited by Guest
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Just now, Jackdarippler said:

Dont you think, if they can make your computer work for them, they can design a completely new key logger every now and then to bypass your desktop security and see exactly what you type on your computer, including your private key.

Paranoia - - - sorry, but I think so.

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