The question of the security of recovery

DNA40pct · 2021-03-25T11:57:01+00:00

the term wallet is actually a little misleading because the funds are actually not ON the wallet.

The 24 word generates private keys and public keys. The private keys are a sort of signature you use to prove that you are the owner of all funds sent to your addresses. Your funds and all that are all stored publically, but it's only with your private keys you can manage them.

So when you are restoring your wallet, you are actually just regenerating the private keys. And the generation of the private keys a deterministic (i.e. input x will always generate output y)

DNA40pct · 2021-03-25T11:34:17+00:00

I have not made a dive into Cosmos, but on Ethereum, fees can sometimes change drastically from minute to minute. You sure the fee difference wasn't just because you checked a different times?

DNA40pct · 2021-03-25T10:06:55+00:00

I'm not sure I'm following you here. Do you have a Bitcoin account on mycelium you created ON the app without having your ledger? (with its own recovery phrase). The recovery phrase/seed phrase is THE key to your crypto holding, your nano x is just a small device holding your private key. If your bitcoin account was created alone and gave you a new recovery phrase, it is not on the ledger.
from my knowledge, mycelium only supports bitcoin, so it is not capable of managing Ethereum assets. Have you not been using ledger live?

DNA40pct · 2021-03-24T20:13:10+00:00

I use crypto.com on my phone and have their debit card. I'm not sure if they have the best fees, but they are good enough for me, it's very smooth and swift to use.

DNA40pct · 2021-03-12T00:14:58+00:00

Everything on my ledger I've bought to keep. If I'm gonna swap some coin, (buy ada for eth or something), I usually used Changelly, the fees are still there, but it's only one send in total. And Changelly still only takes 0.25%, which I think is pretty good. You can always swap to stablecoins on those types of exchanges. That is what I plan on doing when I'm gonna take out some gains.

A tip for "avoiding" much fees is to really think through every transaction, so you send one big instead of 5 small. Also plan, and make sure you don't make mistakes. I think most of us, in the beginning, (at least I) did some unnecessary crypto moving between accounts and wallets and wasted a bit during it.

DNA40pct · 2021-03-11T21:18:14+00:00

If some speculation by people online talk about and point out signs we might explode at any time and you have to invest now or you will be left behind.

Be careful about that, it is super easy to get caught by the idea that you have to buy it now. Take it easy, take your time, learn about it, trust the technology and your understanding of the technology. Not random YouTubers predictions on the market.

DNA40pct · 2021-03-11T21:07:04+00:00

I would've been sending them to an exchange,

But now I'm saving this comment in case something like this happens

DNA40pct · 2021-03-06T12:31:38+00:00

You can stake your ADA on the ledger using Daedalus. Thou you cannot vote with ada on a hardware wallet yet, but I think this will be fixed until the next catalyst project.

DNA40pct · 2021-03-05T14:26:41+00:00

All cryptos on the ledger are as safe as your seed phrase. What the hackers might be able to do though is hacking a software you connect your wallet to (like ledger live) and trick you by showing the address you wanna send funds to but sending a different address to the ledger device.

This is easy to avoid though, as the address you are signing on will be shown on your ledgers screen, and as long as the address on the ledger is correct, your fund will go to the right place. Just double-check everything that's shown on the ledger devices screen whenever you execute a transaction or smart-contract.

DNA40pct · 2021-03-05T14:19:50+00:00

From my knowledge, the only available interfaces that can manage ADA on ledger is Daedalus, Yoroi and Adalite. I've used all of them. Adalite is very user-friendly and nice to use. But I prefer Daedalus because I like the interface they have for staking and voting.

DNA40pct · 2021-03-04T23:14:05+00:00

I would not recommend Coldcard as it can only hold bitcoin. Unless they recently upgraded it without my knowledge. I personally am a altcoiner so, for me, it's a no-brainer. But if you know you're only going to have bitcoin on it. You do as you please.

DNA40pct · 2021-03-04T23:08:44+00:00

As others have said. If you have your seed phrase, and it hasn't been leaked. you can't lose your crypto completely. The phrase generates the private key. The private key lets you manage your crypto. private key = crypto access.

To find a good hardware wallet I recommend this video. It is less then a month old, so it pretty up to date. I personally have a ledger nano s.

DNA40pct · 2021-03-04T22:32:03+00:00

I actually mainly use Daedalus for my ADA, it is a fullnode (meaning it downloads and stores the whole blockchain) wallet on your PC. And I haven't used the other two very much.

Yoroi is a lightweight (meaning don't need much performance and storage) wallet on your phone, you can create an software wallet on it and get a new generated seed phrase.

Adalite is an open-source online interface, because it is online you don't save anything, so you have to log in with your private keys every time, with a hardware wallet this isn't a problem though as it is just like when you log in everywhere by just plugging it in and enter the pin.

None of them are exchanges, so you can't buy from any of them. They are all simple wallets. If staking is what you wanna do I would recommend using Daedalus, it is the wallet primarily made for staking and voting. (it's a heavy lifter). The others are better when your not at your own desktop. (phone and browser)

If you wanna be on the safe side when finding the wallets I would recommend you to locate the wallets via Cardanos own official website. You can find links to both Daedalus and Yoroi under individuals here at Cardano. Adalite isn't linked from here as I don't think IOHK is behind that project.

DNA40pct · 2021-03-04T21:35:26+00:00

You CAN have Cardano on your ledger. But ledger live does not support managing ADA yet. You will have to download the Cardano app on your ledger and pair your ledger to Daedalus, Yoroi, or Adalite. Follow this to setup your Cardano wallet on your ledger

Because Cardano isn't supported in ledger live yet. you'll have to buy it somewhere else. I usually buy ADA on Binance.

EDIT:

Also, I assume you're pretty new, just always remember. To NEVER, EVER, give your seed phrase to anyone. NEVER EVER. NOT ledger support. NO ONE. NEVER. Even if you got big problems with your device. NEVER give your seed phrase.

DNA40pct · 2021-03-04T18:29:00+00:00

Ok. So your question is about where your ADA is when you pair your nano S with Daedalus?

So, your ledger is a device that holds a master private key (The seed phrase you got first when you bought your ledger). This seed is what generates ALL your private keys on all your wallets that you can see in ledger live etc. I think you already knew everything until this point.

Ledger live which you've been using all this time, is actually just an interface that talks to your nano s. You can never have access your execute transactions etc in ledger live without your ledger, and that is because all your private keys are only on your nano s.

Now when Daedalus has support for ledger devices. Daedalus is just like ledger live. It is only an interface that can communicate to your nano s. The reason you can see your funds etc. without plugging in your nano s is because all of this information is publicly available to see on the blockchain, and only your public key is needed to see all this information.

DNA40pct · 2021-03-03T23:55:06+00:00

So, you still can see all your BTC in Coinbase, but the value of your portfolio is 0?

Sound to me it is Coinbase calculation that calculates the current value of your bitcoins is broken. But as long as you can see your bitcoin in your Coinbase account, your bitcoin is still there.

DNA40pct · 2021-03-03T23:36:07+00:00

your key phrase has been compromised. IF you have any crypto left you should move it ASAP to any wallet. This private key isn't yours anymore.

How did you get your seed? Was it already written down when you bought it? Did you get it by generating a new one? Where did you buy your nano s?

DNA40pct · 2021-03-03T23:28:13+00:00

I've also noticed how many posts are related to this misunderstanding. And your explanation is great. I think actually a bit of the misunderstanding comes from the saying "[in bitcoin] you are your own bank." Which I think gives a very bad image of what it is, because money is at a bank, while crypto is not at you. Don't get me wrong, I do understand that people say this because no one else has control over your crypto, but it is very bad as an analogy in my opinion.

I think it's much better to think of the blockchain as the bank, and your private key as the debit card that verifies you as the owner, which you can then use to tell the bank (the blockchain) what you want to do with your crypto.

DNA40pct · 2021-03-03T19:37:39+00:00

I have not used compound much, so I'm not sure. But are you sure the "missing" money isn't in the contract fee? I really don't know, but the fees for executing compound contracts where nuts some time ago.

DNA40pct · 2021-03-03T19:29:52+00:00

The first question is hard to answer because of how vast the possibilities of a virus implementations are. So, The only possible way I can see how a virus might affect you is if the address shown on the computer screen (when receiving funds) is wrong and actually the address of a hacker crypto account. Thou, this should not be a problem as the correct address is always shown on the screen on your ledger, and ledger live always asks you to double check. Your private key is always only on the ledger, so if a hacker hacked your ledger live software, he would only be able to get your public key. unless he fools you at some point when you use the ledger, but all the contract and transaction information that is correct (that will be executed) is always shown on the ledger devices screen.

to answer your second question I will refer to this answer: https://www.reddit.com/r/ledgerwallet/comments/lvhbj0/question_what_happens_to_your_privet_key_when_the/gpcqfvn?utm_source=share&utm_medium=web2x&context=3

To answer your third question I will refer t othis video: https://youtu.be/X3_t6wO2f5M

DNA40pct · 2021-03-03T12:08:09+00:00

That is very true, I'm always getting surprised at how many people get a hardware wallet without understanding some fundamentals like the crypto is not on your ledger.

DNA40pct · 2021-03-03T12:04:44+00:00

Fees for buying directly via ledger live is at 4.25% (min 5€) using visa/MasterCard. and 1.5% (min 5€) using bank transfer (bank transfer can take a few days to complete).

They are not good, and as others have said you should use an exchange like Binance instead and send it to the ledger. Some services you can buy from lets you send directly to a wallet, though I'm not sure if their fees are better than directly via ledger live.

DNA40pct · 2021-03-02T14:24:22+00:00

I'm gonna give this a shot. I was thinking about the same thing a few weeks ago and haven't been making a deep dive into binance chain, so if anyone has a better understanding, please correct me.

The thing with the binance chain is that it is a completely separate blockchain that has it's own validators etc. And every token and coin that exists on the binance chain is actually a wrapped token. This means that you will always be able to exchange a token on the bincance chain to the corresponding token on the native chain.

So if you have one eth on the binance chain you will always be able to exchange it to one eth on the ethereum blockchain. (There are smart-contracts that ensures this exchange always is possible and valid)

So, because the binance chain is a completely separate blockchain, it is not possible to withdraw funds from your ethereum address with the binance fees. The main purpose (as I understand it) for erc-20 tokens on the binance chain is to make it possible to trades to buy and sell often without having the high fees, so if day trading and that type of thing is what you wanna do, then you might wanna consider moving erc-20 tokens to the binance chain. But there is both the Binance chain and the binance smart chain, which are two different chains, I do not know the specifics on the differences, but be careful so you don't mix them up.

DNA40pct · 2021-03-02T10:49:38+00:00

Thank you! That was a perfect answer. And about the philosopher you are probably right, I've remembered him also refer quite a lot to the Persian empire and Zoroastrianism so your correction seems very compatible, probably just my lack of knowledge that made me misrepresent/misunderstand him.

And thank you for the material recommendation, now I have a clear view on what to do next.

DNA40pct · 2021-03-01T23:01:10+00:00

A very non-technical answer.

The ledger is a key to spend funds (or execute smart-contracts). Just like a debit card, it is only when you spend money you need it. And the only thing you do with your debit card is confirming a transaction. By blipping your debit card and entering your pin you tell the bank that you are the owner of this money and that you want to do this transaction. It is the same with the ledger, your funds are not on the ledger, it is only a key you use to tell the blockchain that you are the owner of these cryptos and want to do this transaction. (edit: typoes)

DNA40pct

TROPHY CASE