Post
Topic
Board Hardware wallets
Merits 3 from 2 users
Re: Ledger Recovery - Send your (encrypted) recovery phrase to 3rd parties entities
by
Lucius
on 25/05/2023, 13:28:42 UTC
⭐ Merited by Pmalek (2) ,vapourminer (1)
Haha, I laughed a lot Cheesy You made my day

I laughed when I first read that, because it's such a stupid attempt to convince current clients and future customers that this service is something they should use.

In podcast, the CEO of Ledger said that they have 6 million customers. That's a tiny number if they have calculated that up to 100 million users are in queue in near future and are exactly looking for this service.

Are you referring to this YT video? I watched it yesterday and I have to admit that I was even more disappointed with how Ledger looked at the whole situation, and that he actually called everyone who raised their voice people who spread FUD for no reason. The part in which Pascal talks about the Ledger leak scandal is especially incredible, because he claims that almost no one knew that it happened, and that the event had no impact on the company, suggesting that the dust around seed sharing will soon settle. That part is available at 56:20.

I want to ask you, how many people use Facebook? Google search? Keep in mind that these companies don't give a shit to users personal information and it has been proven for many times and still their profit and userbase increases every day. Millions of facebook users post what and where they eat, where they work, what movie they watch, send sensitive information in messenger, etc.
Don't you think that these people aren't going to somehow step in a crypto world? And don't you think that they can be that 100 million users and will willingly use Ledger Recover service?

Some old information that I know without googling says that there were about 2.4 billion FB users, although of course not all of them are unique users. But regardless of all those users, I don't think that Ledger will one day even have 100 million users, I'm somehow more convinced that this company will fail much sooner, and that it will probably be destroyed by this same service that they are trying to sell now. The three companies that will keep the seeds will sooner or later be part of some data leak, hundreds or thousands will be hacked that way and then there will be no going back.

Let's say that Ledger has two options: A. Their profit will increase slightly if they keep their current crypto enthusiast customers happy and B. Their profit will dramatically increase if they lose some of their customers but attract a lot of new customers who will pay them $9 every month.
Ledger is a business, a corporative company, right? And it's clear to see that this company wasn't founded by a crypto enthusiast but by a person who is a businessman and wants money. They go with option B.

I don't doubt that, profit is the only thing they are interested in, especially if you look at how these people live luxuriously and how they flaunt their wealth (a gold ring on every finger), and the hunger for even more money makes them do such things.



In recent posts, the "geniuses" from Ledger refer to their mothers and some future 100 million clients
It is an interesting talking point because it is exactly the same talking point that Square/Block have been using to promote their hardware wallet which has no seed phrases and shares custody of your back up with third parties.

For example, here is their business lead Lindsey Grossman using the 100 million figure, and then talking about her "friends and family": https://youtu.be/WbjzZQwDozw?t=355

Good catch, and just another minus in the whole story. However, reading the comments of some people under the video I linked, it is incredible how many people believe in the nonsense that people from Ledger are talking about. Einstein was definitely right.