Post
Topic
Board Hardware wallets
Merits 7 from 3 users
Re: Ledger Recovery - Send your (encrypted) recovery phrase to 3rd parties entities
by
Lucius
on 24/05/2023, 10:59:09 UTC
⭐ Merited by o_e_l_e_o (4) ,Pmalek (2) ,vapourminer (1)
~snip~
Basically, he says that people in crypto world have accepted KYC and it's a normal here.

There is some truth in the fact that the majority have accepted KYC as a standard procedure, but still mostly when it comes to CEX, but this was never the case with hardware wallets, even though Ledger leaked data of hundreds of their clients, and the company is swept it under the carpet and tried to convince clients that there was actually no danger in it.

This is just a continuation of everything that happened, because if we read between the lines, then the message that Ledger sends is something along the lines of "you are not ready to be your own bank anyway, your backup is safer in our hands", which is very similar to what said comrade CZ, when he called practically 99% of his users "stupid" and asserted that they are not capable of being their own bank.

If you look at the bigger picture and all the regulations, especially in the US and the EU, then it is much clearer in which direction all this is going. Let no one be surprised if in the future any HW will be impossible to use without detailed KYC, and the so-called "recovery" will also be mandatory, which will mean that most of the bad-informed will keep their BTC in a custodial service.