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Man's life savings stolen from hardware wallet supplied by a reseller

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That is very unfortunate. For a second I was question why would he buy it from somebody who's already owned the ledger but then I read more into the article and saw that it was forged.

Being his first time I guess he could see how it was legit.

 

4 minutes ago, elias said:

Honestly, what is the point of a hardware wallet? They sound like a security problem. What if they break? I don't understand.

You can recover it if they break or are lost/stolen.

A lot more secure than the wallets being used online.

Edited by Jonny

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Yes, it was forged... "The seed is meant to be generated by the device, but this purchase came with “scratch off” paper that revealed the seed".... :o

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Very sad, but really a small amount of advance research by the victim would have alerted him to the fact that something was wrong when he received it. Crypto is a dangerous game if you're not willing to put in some time and effort to understand at least a bit what you're getting into. A lot of people will be scammed in the near future unfortunately, I think.

 

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16 minutes ago, Jonny said:

That is very unfortunate. For a second I was question why would he buy it from somebody who's already owned the ledger but then I read more into the article and saw that it was forged.

Being his first time I guess he could see how it was legit.

 

You can recover it if they break or are lost/stolen.

A lot more secure than the wallets being used online.

I have to disagree. You can restore it if you have the 24 word passphrase. Anyone who has that passphrase has your crypto. So where are you going to keep that? Therefore you are faced with much the same problem as storing your XRP wallet secret key. The added value is in the relative convenience of the Nano S, not security.

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6 minutes ago, PunishmentOfLuxury said:

I have to disagree. You can restore it if you have the 24 word passphrase. Anyone who has that passphrase has your crypto. So where are you going to keep that? Therefore you are faced with much the same problem as storing your XRP wallet secret key. The added value is in the relative convenience of the Nano S, not security.

Well I mean if you hide your ledger and 24 passphrase in a good spot, that won't be a problem. Don't hide them in the same spot. Dig a hole in the ground and put it in a box. Get creative. Or if you want keep the ledger on your neck so they have to kill you if they want it lol.

For the most part, you'd be a target if people knew you had a ledger with crypto on it and knew what they were looking for.

 

As far as the online wallets go, everybody is a target and you're not really singled out, they go for anybody.

Edited by Jonny

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17 minutes ago, Jonny said:

Well I mean if you hide your ledger and 24 passphrase in a good spot, that won't be a problem. Don't hide them in the same spot. Dig a hole in the ground and put it in a box. Get creative. Or if you want keep the ledger on your neck so they have to kill you if they want it lol.

For the most part, you'd be a target if people knew you had a ledger with crypto on it and knew what they were looking for.

 

As far as the online wallets go, everybody is a target and you're not really singled out, they go for anybody.

Any ledger Nano can access your wallets with your 24 words. That is so in case you lose your Nano. The thief doesn't need your personal hardware.

Edited by PunishmentOfLuxury

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2 minutes ago, aye-epp said:

This problem is arguably one of the biggest that needs to be solved in order for the whole industry to succeed.

In the next few years I anticipate that banks will offer XRP (and other cryptos) storage facilities/accounts. Most people do not want to be their own bank and be responsible for humungous quantities of cash - it's stressful.

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45 minutes ago, PunishmentOfLuxury said:

In the next few years I anticipate that banks will offer XRP (and other cryptos) storage facilities/accounts. Most people do not want to be their own bank and be responsible for humungous quantities of cash - it's stressful.

Why make the banks responsible? The technology was designed to fight fraud anyway. Smart Contracts? Will it be possible?

"Buying goods from an online marketplace" is discussed here:

https://github.com/codius/codius/wiki/A-(Hopefully)-Simple-Overview

 

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I just bought two fire proof safes. Put Ledger in one. Put passphrase in the other. Also ordered a second MacBook pro for my trades that I will keep offline most of the time. Get a Mac and iPhone. Even the NSA has difficulty hacking them. PC and Android way too risky.

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2 hours ago, elias said:

Honestly, what is the point of a hardware wallet? They sound like a security problem. What if they break? I don't understand.

Ledger is the only hardware wallet which is a secure way to store XRPs. One thing many ledger buyers ignore is that you should buy it directly from ledger or only from authorized resellers listed on their site. 

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