Wer bei klarem Verstand würde Ledger Recover verwenden?
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This is obviously aimed at a mass market focused on convenience, as the 50k insurance for this service.
It’s not hard for me to agree that this is a huge user group that dwarfs the current user base. If you want to grow your business, you should try to cover this audience. I’m not angry about this.
What I don’t understand is that with this approach, Ledger hasn’t launched a separate product line with separate firmware. Like a slightly changed „Nano X Cloud“ device that is even included for free in the subscription to the service.
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Normies, this is obvious. The fact that they haven’t cancelled the feature altogether after backlash tells me there is a substantial interest in it and that crypto purists (like much of reddit) aren’t the only folks using the product.
Plenty of people prefer a „lost password“ function over keeping their password safe themselves, this is no different. I’m sure this feature brings the product to a much wider audience.
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Like it or not the market for this is enormous. The barriers to entry in bitcoin are very high for the average person and the pitfalls of extreme personal responsibility and self custody shouldn’t be underestimated. Check any website with a log in sections most used feature…. It’s the forgotten my password button.
Ledger dropped the ball in many ways on this one but product market fit wasn’t one of them. The demographic who will use it aren’t on this sub.
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>it’s evident that no one will use Ledger Recover
The only thing that’s evident is that there is *some* percentage of people who are apprehensive about this feature. But if you count every single person that voiced their apprehension about this feature, then you would probably not even have most of the Ledger customer base.
And most of Ledger’s target group with this feature aren’t existing customers anyway, but the millions that are still on exchanges or are using hot wallets.
For them, even Ledger with recovery is better than what they currently use.
Would Ledger without recovery be even better? Sure. In terms of security alone it would.
But there will be people who are perfectly fine with the tradeoff of recovery, if that means they won’t lose their seed. Just because you or I don’t need/want this feature and care about keeping our seed away from anyone else, doesn’t mean there won’t be people who would like that feature enough to finally switch from an exchange or hot wallet to Ledger.
You could view it as a first step for them, to get used to hardware wallets, while not being afraid of losing their seed.
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I don’t think that the people that would use this feature lurk in this sub. I guess the point is they are trying to solve the issue of people losing their seed. They probably have visibility on how bad that problem is through their support system. So they offer something that can be less secure than managing the seed directly, but safer for accidental loss. It’s still a self custody solution and safer than leaving on a CEX since no one entity has the ability to recover your seed.
Personally, I don’t need the service. To mitigate the risk of accidental loss, I have multiple ledgers configured with the same seed, on top of a paper backup.
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I very much doubt anyone will pay $10 for life to „secure“ maybe a few thousand dollars, just in case. If someone is that technologically un-savvy, they probably won’t even know how to use „Ledger Recover“ correctly. I believe this will be one of the biggest flops in tech industry history. Ledger must have come up with this stupid idea at some drunken Bastille Day party. Hopefully they ditch it completely.
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It’s a custodial solution that lets one interact with defi, NFTs, ordinals, DEXs, etc. I think that’s pretty novel. I don’t need it, but I can see the appeal.
Not everyone can keep a seed phrase. Maybe they live in close quarters with nosy housemates, or for whatever reason they don’t trust their spouse or significant other and are afraid of them getting access to the physical phrase, but would still want a way of getting the funds distributed in a Will.
The glaring problem is that the inability to ever recover your actual 24 words ties one to the service indefinitely if they don’t keep a copy of their seed phrase.
Of course if you left this service you should generate a new phrase and move all of your funds anyway, but I’d still want access to my old wallets for record keeping purposes even if I don’t use them.
So you need to keep a copy of your seed phrase anyway, which sort of negates the point if say you are either afraid of losing the seed phrase or afraid of it falling in the wrong hands.
I think they do need to make the actual seed phrase recoverable somehow. Although I do see how that could be a security risk.
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People that are not well-informed or people that find the risk of trusting an entity far less than the risk of holding their own resources.
This is really almost no different from asking who in their right mind would use a bank vs stuffing their money under the mattress, except that banks are regulated and have lots of safeguards.
I won’t use Ledger Recover myself, and I certainly recognize the deception and braindead security model Ledger has involved themselves with, but I think it would be a stretch to see there is no use-case for Ledger Recover. The idea is there, the execution is just shittingly shitful.
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🤣🤦🏽♂️
This can’t be a real fucking post that you can’t comprehend the people that would use it.
Just last week a guy lost his seed phrase, I bet he wish he had it enabled and there have been many more people. Use it or don’t but don’t act as stuck up piece of shit that can’t comprehend that basic of it, it’s an option if you wanna use……..
I’m sure your bank and drivers license,credit cards,etc. Have all your info already and every major company has your info……so why do you still use them ? Why not just be full crypto and only pay in crypto.
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[https://www.reddit.com/r/ledgerwallet/comments/13o8maj/why_someone_would_pay_for_the_recovery_service/jl4ybgz/?context=3](https://www.reddit.com/r/ledgerwallet/comments/13o8maj/why_someone_would_pay_for_the_recovery_service/jl4ybgz/?context=3)
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Senior citizens and new users who are not familiar with crypto but have large sums to invest.
This is the target market I believe.
These people also don’t care too much about KYC as they have generally done this all their lives.
If we take a step back and look at things objectively, this does make sense from Ledgers standpoint.
But it does not mean the way they did this is correct for those of us who are a bit more savvy.
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