Ledger Recover: Is it Right for You? | Pros & Cons Explained | The Face of Self Custody is Evolving!

In this video, I dive into the pros and cons of the Ledger Recover service. This service aims to simplify wallet recovery by allowing users to restore access without their Secret Recovery Phrase. I cover the key features, including end-to-end encryption and identity-based access, and discuss the potential benefits and drawbacks. If you're curious about how Ledger Recover can secure your peace of mind and whether it's worth using, this video is for you!
WALLET RECOVERY MADE EASY WITH LEDGER RECOVER
shop.ledger.com/pages/ledger-...
COINCOVER THE BLOCKCHAIN PROTECTION COMPANY
www.coincover.com/
ESCROWTECH THE MOST TRUSTED SOFTWARE ESCROW COMPANY
www.escrowtech.com/
TESSI BUSINESS PROCESS SERVICES IN A DIGITAL WORLD
www.tessi.eu/en/
DIGITAL ID MANAGEMENT:
ONFIDO DIGITAL IDENTITY MADE SIMPLE
onfido.com/
VERIDAS UNLOCK THE POWER OF TRUE IDENTITY VERIFICATION
veridas.com/en/
LEDGER RECOVER WHITE PAPER SERIES
PART 1: GENESIS OF LEDGER RECOVER - SELF CUSTODY WITHOUT COMPROMISE
www.ledger.com/blog/part-1-ge...
PART 2: GENESIS OF LEDGER RECOVER - SECURELY DISTRIBUTING THE SHARES
www.ledger.com/blog/part-2-ge...
PART 3: GENESIS OF LEDGER RECOVER - AVOIDING COLLUSION AND LEAKS
www.ledger.com/blog/part-3-ge...
PART 4: GENESIS OF LEDGER RECOVER - CONTROLLING ACCESS TO THE BACKUP: IDENTITY VERIFICATION
www.ledger.com/blog/part-4-ge...
PART 5: GENESIS OF LEDGER RECOVER - OPERATIONAL SECURITY
www.ledger.com/blog/part-5-ge...
PART 6: GENESIS OF LEDGER RECOVER - THREAT ANALYSIS / EVALUATION
www.ledger.com/blog/part-6-ge...
LEDGER RECOVER TECHNICAL DOCUMENTS
support.ledger.com/hc/en-us/a...
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00:00 Introduction
00:55 The Technology Behind Ledger Recover
03:50 Why Does Ledger Offer this Service?
05:45 Why do so Many People Object to this Service?
10:01 Pros: Why Should You Use Ledger Recover
13:02 Cons: Why You Should NOT Use Ledger Recover
16:35 The Face of Self-Custody is Changing
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Interested in a video chat session to get your new wallet set up or restored? Or maybe you have a technical issue that you can't figure out. Or perhaps you just want a Q & A session. Shoot me an email and we can set something up!
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💡 DISCLAIMER: This video is for educational purposes only and should not be considered financial advice. Always do your own research before investing in cryptocurrencies.

[@BTCtothemoon2012]

So much for decentralization... Ledger Recover just opens the door for gov access. Time to find a new hardware wallet.

[@CryptoDad]

Well, technically, if you're not declaring your crypto gains to the government, you're committing tax fraud anyway. So I think ledger is the least of your issues if you're trying to keep your crypto secret.

[@BTCtothemoon2012]

@@CryptoDad Your point about tax compliance is valid, but the main issue with Ledger Recover isn't about avoiding taxes; it's about maintaining the core principles of decentralization and privacy. Decentralization removes intermediaries and gives individuals full control over their assets. Introducing a centralized recovery service contradicts this and poses additional security risks, as more entities could potentially access sensitive information. For those who prioritize privacy and the original ethos of crypto, there are alternative hardware wallets that don't compromise on decentralization.

[@AlexCrypto2013]

Everything is potato. I don’t recommend these to friends any longer. just wondering how many of you are still using ledger, press 1 for you still trust ledger and 0 for damn I’ve thrown it away.

[@anamazonprimemember]

0, literally you are give up control of your funds to third parties for only 9,99€ per month.

[@f1r3f1y3]

already stopped using my ledger after they have that firmware launched, just don’t know if they have any backdoor, and I tried not to update, it won’t allow me to make transfers sometime.

[@CryptoNinja2012]

bought one before, this thing is way too expensive comparing with other hww, haven't used it for a long time.

[@casanova777777]

i agree, crypto dad. i have a ledger for years and never faced problems. and the encrypted recovery frase is a welcome solution for the reckless users who loses their seed phrase. love ledger ♥️

[@IdentifyAsMu]

😱Dogs and Cats living together!

[@marielle5893]

Very objective. Deciding for yourself again made more easy.

[@DEM78976]

Great video

[@ironmaiden8450]

If a fire or tornado hits your house, it makes sense. Im thinking about it.

[@stevenbrown6606]

centralised ledger..why bother...dcent wallet seems ok

[@bmorecareful269]

Hey professor (you always remind me a my college economics professor) lol have you heard of cypherrock wallet? Can you do a review of what you think if you have? Thank so much

[@nickconnor8667]

Imagine trusting your private keys to the cloud , i mean what happens if the government court orders the encryption keys to unencrypt said private keys extra steps doesn't always mean safer, some company runs said encryption some one has the encryption keys

[@CryptoDad]

Yeah, it's definitely a leap of faith for a traditional crypto user, such as myself. Although according to their white paper, even if the government subpoenaed the companies and was able to gain access to two of the three shards, they still would not be able to decrypt the private key without the user's biometrics. The process of Recover requires the user to authorize with at least two of the three companies using their biometrics locally. In other words, the user must present himself on video and then that would be compared to the stored biometrics for verification. I know it's a really complicated scheme, but the idea here is that any outside party would not be able to do this; including government or law enforcement.

[@viperviperpiro]

eversince the address leaked by ledger, im still receiving all the scam and spam emails till date... what Ledger recover? i already move on to other wallets since then. Trust takes years to built, but seconds to break. Good job Ledger!

[@ironmaiden8450]

dude ledger is safe

[@CryptoDad]

I believe you're referring to the customer database breach. Remember that Ledger had delegated this to a 3rd party, and it was really not ledger that got breached. It was the 3rd party managing their customer database. And yes, that did cause a lot of grief for owners of Ledger products. But I asked chat GTP to give me the top 10 data breaches over the last five years. And this is what it came up with: Facebook (2019) Records Exposed: Over 530 million Details: Personal data including phone numbers, email addresses, and other user information from millions of accounts was exposed due to a vulnerability in Facebook's platform. Marriott International (2018) Records Exposed: Approximately 500 million Details: Hackers accessed sensitive information such as names, addresses, phone numbers, passport numbers, and travel details of guests from the Starwood reservation system. Aadhaar (2018) Records Exposed: Over 1.1 billion Details: India's national ID database, Aadhaar, was breached, exposing personal data including biometric information, names, addresses, and phone numbers of over a billion citizens. First American Financial Corporation (2019) Records Exposed: 885 million Details: The breach exposed millions of mortgage documents dating back to 2003, including social security numbers, bank account details, and financial records. Microsoft (2019) Records Exposed: 250 million Details: An internal customer support database containing logs of conversations between Microsoft support agents and customers was exposed online. T-Mobile (2021) Records Exposed: Over 40 million Details: Personal data including social security numbers, names, driver’s license information, and phone numbers of both current and prospective customers were exposed. Capital One (2019) Records Exposed: 106 million Details: Sensitive information including names, addresses, credit scores, and social security numbers of credit card applicants and customers was accessed by a hacker. Exactis (2018) Records Exposed: 340 million Details: A massive data breach exposed detailed personal information of hundreds of millions of individuals and businesses, including phone numbers, addresses, and demographic data. LinkedIn (2021) Records Exposed: 700 million Details: Data scraped from LinkedIn profiles, including names, email addresses, phone numbers, and professional details, was put up for sale on a hacker forum. Yahoo (2017) Records Exposed: 3 billion Details: While the breach actually occurred in 2013, it was disclosed in 2017 that every single Yahoo account had been compromised, affecting names, email addresses, dates of birth, and hashed passwords. These breaches highlight the importance of robust cybersecurity measures to protect sensitive customer data. So I guess now we aren't supposed to trust or use any of these companies now?

[@ampovpodcast1624]

The majority of people have no clue how to use these devices

[@FOMHLMAO]

I don’t believe in sharing ANY part of seed phrases. With that said, I’ve been in the crypto space since 2016. I do NOT SUBSCRIBE to “FREE” or sharing keys!

[@CryptoDad]

A wise policy. I forgot to mention that the existence of the Ledger Recover service will inevitably give rise to scam imposter services that try to trick people into enrolling. Of course they will always have “technical” issues that will require the hapless victim to “manually” upload their seed phrases. 😩

[@FOMHLMAO]

@@CryptoDad ❤️

[@rexkneisley4526]

Just finished recording a detailed review of the Ledger Recover service! 🌟🔐 In this video, I break down the pros and cons, from ease of use to security features. If you’ve ever worried about losing access to your crypto wallet, you need to check this out! 📺 Watch now and let me know your thoughts in the comments! 💬 #LedgerRecover #CryptoSecurity #WalletRecovery

[@DerekDominoes]

You shouldn't use Ledger Recover and you shouldn't use Ledger.

[@teressafranks7047]

@derekDominoes what do you use to keep your crypto safe? Tangem wallet or trezor?

[@DerekDominoes]

@@teressafranks7047 Keystone at the moment for me.

[@CryptoDad]

“There is a principle which is a bar against all information, which is proof against all arguments and which cannot fail to keep a man in everlasting ignorance - that principle is contempt prior to investigation” Herbert Spencer

[@DerekDominoes]

@@teressafranks7047 Neither. My previous reply where I mentioned what I use was removed so take that for what it's worth.

[@DerekDominoes]

@@teressafranks7047 Neither. For what it's worth, my previous replies with what I personally prefer were removed.

[@creatorcros]

Excellent video😍😍😍😍😍

[@CryptoDad]

Thanks 🤗