Ripple - NanoS Wallet - Single Address/Account??

[Guest]

I will try to be brief...

Has anyone found a way to use the "Ledger Wallet for Ripple' for more than a single Receive Address?

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With some frustration, I am beginning to see that multiple Accounts/Addresses in the Nano S will not be possible.
:-(
Whining... he said... who designs these products???

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Let me briefly explain why you should not be keeping ALL your XRP in a single address.

• once, you have a taxable event, then you will very likely be audited... why? Because it will be an training opportunity for the Revenue Service to educate/inform their people.... with a real live crypto account.
• once, they do this, and you are using a Nano S, then, then it is likely that you have ALL your crypto safely on the single Nano S, unless you have purchased a handful of the devices. However, the Revenue Service will require access to the Receive Address for the purposes of the audit... now, by definition. they, the Revenue Service will know how much additional crypto you have at that Address, even though that knowledge is outside the scope of their audit. This is not part of their requirements, but it is a freebee for them.

I really do not know how the the Feature Specifications are written.

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Hope I am wrong and I am missing a User Interface feature, that would enable multiple addresses.

[Guest]

Put another way... if you have more than a single Ripple address, then you will need more than a single Nano S.

[Worknfish]

I use a Nano S also and noticed that when using it for Bitcoin , there is an option to add additional "accounts" , but I have not been able to see a way to do this for XRP storage , even after upgrading the app to the latest version.

[Guest]

Thanks WorknFish

[dadofzara]

Wouldn't the public key be enough, as they can see all XRP balances and transactions via the account explorer?  Correct me if I'm wrong, but most jurisdictions would require a warrant for private keys.

[ohsomofo]

Check out this post;

https://steemit.com/cryptocurrency/@debugger/hidden-options-in-ledger-nano-s-secret-multiple-wallets

[Guest]

Hi Dado...

I am not sure I understand what you are alluding to... maybe you are saying that a human should have only one address... forever. I am not being harsh in my statement, but I wonder how an individual in Ripple with either purported Millions or Billions would use the ONLY hardware wallet in the Ripple eco-system. I am thinking that a prudent person would want to place an arbitrary number of XRP into different 'piles' which in time and space would be used for other purposes. I am guessing that in this case, then there would be an equal number of Nano S's sitting in a drawer somewhere.

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Hi Oh...

Thanks... I will read... any additional insight is welcome!

• ohsomofo's URL reference looks like it may be what I am looking for.
• the down side to a Secret Feature is that it is probably not Supported and/or tested very well.
• so, it looks like Nano S supports a SECOND hidden wallet, but only TWO max, as if you attempt add a third passphrase the first is then overwritten... this is my understanding.

Edited December 29, 2017 by Guest

[kzkaz]

11 minutes ago, Max Entropy said:

Hi Dado...

I am not sure I understand what you are alluding to... maybe you are saying that a human should have only one address... forever. I am not being harsh in my statement, but I wonder how an individual in Ripple with either purported Millions or Billions would use the ONLY hardware wallet in the Ripple eco-system. I am thinking that a prudent person would want to place an arbitrary number of XRP into different 'piles' which in time and space would be used for other purposes. I am guessing that in this case, then there would be an equal number of Nano S's sitting in a drawer somewhere.

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Hi Oh...

Thanks... I will read... any additional insight is welcome!

• ohsomofo's URL reference looks like it may be what I am looking for.
• the down side to a Secret Feature is that it is probably not Supported and/or tested very well.

 

I think he is referring to the fact that all transactions on the ripple ledger (and similarly for the blockchains of many cryptocurrencies) are public for all to see. As such, it shouldnt matter whether you store your XRP on a hardware wallet, paper wallet, desktop wallet, or even an exchange.

Because you have chosen to declare your assets, surely you are required to declare all of them (ie: all your public addresses)?

If you decide to split up your XRP, the movement can also be tracked through account explorer, as long as they know your public address.

Sorry, i know this doesnt answer your original question. I do not know how to add additional addresses to hardware wallets. Although, you could try paper wallets. They're free.

[Guest]

Hi KzKaz,

I think you are mostly correct, but because the crypto exchanges do not use the underlying crypto network and associated addresses... transferring out of an exchange would not provide an address per se... but rather a reference to an exchange address and an account. 

The problem with paper wallets and Ripple is that, first, one needs a wallet from which to extract a new private key. Getting that wallet is problematic from what I can see.

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I may have missed something.

[Guest]

1 hour ago, Max Entropy said:

Put another way... if you have more than a single Ripple address, then you will need more than a single Nano S.

I wouldn't recommend multiple addresses on 1 device, even if you can figure out how to.

I use multiple devices. They're relatively inexpensive now so not much overhead for piece of mind. 

Each device holds X number of each coin. When my preferred limit is reached,  I use a new device.

For example, if you hold btc, eth, and xrp, limit each device to say, .3 btc, 5 eth and 5000 xrp. When you have reached that limit start using a new device. A $100 device to store that approximately $15000 of assets is a small investment to avoid something catastrophic. 

If a device fails only a portion of your  assets are unavailable until you can find a solution. 

[Guest]

@LordVetinari

Well, that is a good idea... say buy 3-5 of the devices... and as you exhaust/empty one... then re-cycle it...

• by wiping it
• mixing the bunch of crypto
• then add the new bunch to the new device

Best idea I have seen so far. Thanks.

[Guest]

4 minutes ago, Max Entropy said:

@LordVetinari

Well, that is a good idea... say buy 3-5 of the devices... and as you exhaust/empty one... then re-cycle it...

• by wiping it
• mixing the bunch of crypto
• then add the new bunch to the new device

Best idea I have seen so far. Thanks.

@Max Entropy

I understand the grievances you have expressed in the past about wallets and developers. They provide a tool and it is what it is, some good/some bad. Ultimately it's your responsibility how to reduce the risk. 

The strategy I mentioned before is specifically for holding assets long-term.  I don't plan on touching some for years with the exception of a monthly check that everything is up to date and nothing has been hacked.

However, I have one device specifically for short-term storage for assets that move frequently. Coins I plan to sell/trade within 15 days.