Quote from: Pmalek on Today at 01:12:30 PM

Quote from: The Sceptical Chymist on Today at 04:45:10 AM

...but hopefully Ledger will somehow self destruct as a company OR people will wake up and see the truth behind their BS.

We should hope for the latter and not the former. Ledger self-destructing or getting rekd by someone would mean that a lot of people will lose a lot of money. I am talking about end-users, not Ledger and its team. Despite them thinking differently than other more knowledgeable bitcoin and crypto users, we shouldn't hope for their downfall. Such negative press is unwanted, sheds bad light on crypto, and results in a loss of confidence.

Users wouldn't be harmed by Ledger going bankrupt unless Ledger's code or keys end up in the wrong hands.

If Ledger goes bankrupt or collapses somehow, users' devices would still work. Folks would need to switch to different hardware eventually, or they could keep using their Ledger hardware with other apps. For Bitcoin, it's easy to use a Ledger with Electrum or Sparrow instead of that Ledger Live trash. So that's not a problem for Bitcoiners.

The only thing that would harm users would be if Ledger's codebase or keys fell in the wrong hands:

Quote

"The bombshell here is the explicit confirmation that Ledger themselves hold the master decryption key for all Ledger Recover users."

-- @sethforprivacy
https://twitter.com/sethforprivacy/status/1671532787294191618

That's horrifying.

In theory, that would only affect users who subscribe to Ledger Recover. In theory, anyway.

In reality, Ledger's code is closed source, so we have no way of knowing how much over the internet access Ledger has to the keys on Ledger hardware, but we do know they can access the user's keys. We know Ledger can access the keys on Ledger devices over the internet, because that's what Ledger Recover does. So, if anything goes wrong at Ledger, there's always the chance keys can be stolen from user devices the moment they turn 'em on. Anyone who says otherwise is making unsafe assumptions.

Ledger can access a user's keys on that user's device over the internet. That's what Ledger Recover does.

By baking the code for Recover into their hardware wallet firmware, Ledger created a time bomb.