Re: Ledger Recovery - Send your (encrypted) recovery phrase to 3rd parties entities
They should have certainly done some survey and have probably created a persona because I remember their CEO was talking about how many people lose their keys and they really want something that will give them option to recover lost keys.
To claim that there are many lost keys, proper research must first be done to understand the extent of the problem. Did they do this? I doubt. They are simply trying to promote their service on pain of losing their keys.There is one way to recover lost keys and for this don't need Ledger at all. This function is called "make a backup". Who wants to buy this subscription service?
If they release statistics, I genuinely believe, they'll release the statistics that will favor this decision of theirs. Just write that hundreds of thousands of people use your subscription service and then a big wave of people will become your customers because they'll start thinking that if so many people use successfully, then this automatically means it's good. Even the dumbest idea can generate money if marketing is good.
That is why public statements by companies interested in disseminating information beneficial for marketing should not be taken at their word.I believe that they will not face financial crisis because of Ledger recover service addition. There are many people who use centralized exchanges that will hear that hardware wallets are good and after a slight research they'll find Ledger that offers them private key protection via KYC, many new customers will find this feature amazing. Let's wait and see, I think it was financially wise decision if we talk about long-term.
I am also inclined to the point of view that recovery service is not yet a reason to bury a Ledger. There are many fools who will use this service and be satisfied. These are the people who will financially support this company for a long time to come.