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Work around to never updating Nano S

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4 hours ago, stickmonster said:

I'm not going to update my nano....

...especially since I've no idea where my 24 words are  :unsure:

Just trolling, right?

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I cant find a way to get my privatekey outof the mnemonic seed on bithomp tools. Everything i chose says "DONT PROCEED IF YOU DO NOT KNOW WHAT YOU ARE DOING"  and i clearly dont know what im doing plese help sirs! Thank you kind misters 

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23 hours ago, at3n said:

Well sort yourself out man! Send the XRP somewhere else!

What's the cheapest way to do this? Sending to an exchange and back can be quite pricey.  (What price security I hear you say...)

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Posted (edited)
2 hours ago, stickmonster said:

What's the cheapest way to do this? Sending to an exchange and back can be quite pricey.  (What price security I hear you say...)

Lol, it's cheaper than losing it all in any case. I don't know what exchanges you can use, but for example Bitstamp has no withdrawal fee, so it will cost you about 0.000012 XRP to send to it there and nothing to send it back. Or else set up a software wallet temporarily, but that will cost you an extra 20 XRP.

Seriously, even if you have to pay a bit of a fee to take it back off the exchange, it's worth it because right now you may as well have nothing if your intention is to hold long term, because electronic devices fail.

Edited by at3n

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3 hours ago, at3n said:

Seriously, even if you have to pay a bit of a fee to take it back off the exchange, it's worth it because right now you may as well have nothing if your intention is to hold long term, because electronic devices fail.

This discussion is getting more and more surreal. Guarding against failure of a key-storage device by entrusting an asset to an uninsured counterparty? That's like guarding against holes in your pockets by getting a third party to install their own locks on your front door. Why not just make copies of the original keys and keep then in a safe place?

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19 minutes ago, tev said:

This discussion is getting more and more surreal. Guarding against failure of a key-storage device by entrusting an asset to an uninsured counterparty? That's like guarding against holes in your pockets by getting a third party to install their own locks on your front door. Why not just make copies of the original keys and keep then in a safe place?

This has gone past the point where you can trust the key-storage device; he does not know his own secret key, and cannot retrieve it from the hardware wallet. Trusting a well known exchange for literally 5 minutes in order to regain control of your wallet is arguably worth it.

The situation is unfortunate, but the solution is acceptable.

Of course you need copies of your key, but in this case those are not available. Use an exchange or a software wallet, as per your risk appetite, but in this case you must take on some short term risk in order to reduce your overall risk.

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Posted (edited)
25 minutes ago, at3n said:

in this case you must take on some short term risk in order to reduce your overall risk.

I disagree strongly. The coins at the hardware wallet's address will not go anywhere if the hardware wallet isn't plugged in, so the short term risk can be eliminated by doing nothing. The long term risk is that a future upgrade either deletes the private keys or introduces malware into the hardware wallet; but this long term risk can be eliminated by using the time (the long term…) to learn how to switch off WiFi and unplug ethernet cables.

Edit: I forgot the other long term risk, which is neglecting to upgrade and thus being vulnerable to exploits. Doesn't change the safest strategy though.

Edited by Guest

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3 minutes ago, tev said:

I disagree strongly. The coins at the hardware wallet's address will not go anywhere if the hardware wallet isn't plugged in, so the short term risk can be eliminated by doing nothing. The long term risk is that a future upgrade either deletes the private keys or introduces malware into the hardware wallet; but this long term risk can be eliminated by using the time (the long term…) to learn how to switch off WiFi and unplug ethernet cables.

This specific case is that the owner of the hardware wallet has lost their 24 words. The inescapable fact is that at some point in the future, the hardware wallet will break, which will leave the owner with no way to access their funds. The only solution, short of physically hacking the device, is to send the XRP and other DAs somewhere else, create a new address with the hardware wallet and then send them back to the new address.

Then, of course, make a backup of the 24 words.

This has deviated from the point that the OP was trying to make.

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Thanks to both for the useful words.  I promise you I am a fairly bright individual (no really) but have an unhealthy enjoyment of risk.

I'm familiar with Bitstamp but didn't think the fees were that low.  Will probably move everything there, upgrade firmware, reset, and send back.  And I will keep my 24 words safe, but not so safe I can't find them :rolleyes:

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Posted (edited)
On 3/23/2019 at 2:57 AM, at3n said:

This specific case is that the owner of the hardware wallet has lost their 24 words. The inescapable fact is that at some point in the future, the hardware wallet will break, which will leave the owner with no way to access their funds. The only solution, short of physically hacking the device, is to send the XRP and other DAs somewhere else, create a new address with the hardware wallet and then send them back to the new address.

Then, of course, make a backup of the 24 words.

This has deviated from the point that the OP was trying to make.

This is exactly what I did 2 months ago after I sent back to Amazon a Sandisk Extreme Pro 3.1 USB stick that I did not completely wipe 100% (I thought I did, but it turns out I did not) so that my deleted files (which included my 24 word seed) can not be recovered by any software. I transferred everything to the exchange Kraken, created a new 24 word seed on my Ledger Nano, and then sent everything back to my Ledger Nano. I now keep my 24 word seed backed up on two separate Samsung and Crucial solid state USB sticks inside an encrypted file that has AES(Twofish, Serpent) encryption and uses the SHA-512 hash algorithm. My AES(Twofish, Serpent) encrypted file is protected by a complex 64 character password, a PIN code, and several files that are also needed to open my encrypted file that contains my 24 word seed. I used the software VeraCrypt (https://www.veracrypt.fr) to create the encrypted file that holds my 24 word seed.

I should also add that I disable the ability to delete, change, or write files to my solid state USB sticks if I know I will be using my solid state USB sticks in someone else's computer (which I rarely do). So my solid state USB sticks mainly stay in read-only mode. Doing so safeguards against viruses being written to them when they are inserted into the USB port of someone else's computer.

Here is one of my solid state USB sticks that contains the AES(Twofish, Serpent) encrypted file that has my 24 word seed. Inside the USB stick enclosure case is a Crucial MX500 M.2 SATA solid state drive:

1139162248_AdwitsM.2SSDtoUSBStick.jpg.7122bd11a92efef6e707ccbeccc7d658.jpg

 

If I need to decrypt and view the file that contains my 24 word seed, I do it on a permanently offline computer that never connects to the internet.

Edited by 1Ton

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Posted (edited)
1 hour ago, 1Ton said:

1139162248_AdwitsM.2SSDtoUSBStick.jpg.7122bd11a92efef6e707ccbeccc7d658.jpg

 

Now there's a risk taker :sarcastic:

Meanwhile I moved my stash to Bitstamp (no fees at all), flashed the firmware on my nano... and bricked it.  I wasn't paying attention and hit the upgrade button which happens to cripple a nano on 1.1 firmware.  I've asked Ledger to replace it. 

I looked into Toast and paper wallets but don't like the idea of either.  Somehow the nano gives me piece of mind, despite Ledger Live allowing such BS as this.

Edited by stickmonster

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3 hours ago, stickmonster said:

Meanwhile I moved my stash to Bitstamp (no fees at all), flashed the firmware on my nano... and bricked it.  I wasn't paying attention and hit the upgrade button which happens to cripple a nano on 1.1 firmware.  I've asked Ledger to replace it.

Wow, that was close, glad you didn't lose everything in the process.

4 hours ago, stickmonster said:

Somehow the nano gives me piece of mind, despite Ledger Live allowing such BS as this.

Yes, I feel safer using a Nano than pulling out a piece of paper with a secret key written on it. As long as you don't rely on it as a primary means of storage.

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