Ledger vs. Coinbase?

[root_s2yse8vt]

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Mein Freund hat Angst, seine Seed-Phrase für seinen Ledger zu verlieren und erwägt, seine Münzen wieder auf Coinbase zu setzen.

Was für eine schlechte Idee ist das?

Sollte ich versuchen, ihm das auszureden oder ihn einfach sein Ding machen lassen?

Was ist im Grunde genommen wahrscheinlicher

Szenario A – er verliert sein Saatgut / sein Ledger-Konto wird gehackt

Szenario B – COIN zieht ein FTX ab und überlistet ihn

Was denken Sie?

[bathyscaphebruno]

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Neither, let your friend decide for himself. If you steer him toward one option and ANYTHING goes wrong, no matter how small the chances are, he’ll blame you for it. Better to let him learn and figure it out. Give input, but don’t advise one over the other.

[Mountain_Discount_94]

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It’s way more likely Coinbase just locks his account than any of the other options

[XBThodler]

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Losing a passphrase does NOT immediately mean loss of funds.

If someone loses their passphrase they can still transfer the funds to a fresh wallet.

Of course I don’t mean having their passphrase stolen! I mean as per OP to have it lost.

Am I wrong? What’s the panic about?

[brianddk]

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* (A) – He loses his seed / ledger account gets hacked
* (B) – CB gets slapped by the SEC and goes Ch. 11
* (C) – He fails to secure his CB login and his account gets hacked

Putting odds, I’d say A: 30%, B: 2%, C: 32%

Key is that A & C depend on how careful / careless your friend is. You can get A & C really low, but it takes effort. Neither Ledger or CB will be any good if your friend doesn’t follow basic best-practices. Many customers don’t which is how they download the wrong app and enter the seed in a prompt.

[Legitimate_Cry_5194]

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If he gets anxious about the seed phrase, it’s better to move his crypto to Coinbase+yubikey. Coinbase is as safe as they come as an exchange. The big worry is have credentials stolen etc, with yubikey you are ok.

[Phillie-at-home]

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This sounds like an actual use case for Ledger Recover! At least there is one person.

[FL_Squirtle]

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If you hold your coins on any platform where your don’t own your seed phrase, you do not own those coins.

At any point something could happen and Coinbase freezes all customer funds.

Just look at what happened with FTX. Owner donated user funds to US government, FTX collapses and all users are left with a big L while those funds are never to be returned.

It’s always better to use a hardware wallet like Ledger.

[fumez23]

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I would tell him to create passphrase on his ledger, store the coins there and sign up with ledger recovery. He’ll always have a safe place for his seedphrase but have everything stored on the hidden side of it. Essentially all he would need to remember is the passphrase he set up.

I’m not pro ledger recovery or anything but this seems like a service that your friend could benefit from. And since his coins wont be stored on that seed phrase that ledger will be holding for him, his funds will remain safe. Just keep in mind that the passphrase is case sensitive.

[dontjudgethecover]

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Explain the risk of going from a cold wallet that only he has access to , vs going to a platform that really only should be used to trade . And well probably more likely to be hacked than his cold wallet. Then you let him make his own choice . Then that’s on him

[Some_Piccolo_5537]

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Find a new friend
This one is an idiot

[Vakua_Lupo]

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Consider using a Passphrase which will increase the security of his Wallet. Take a look at “What is a Passphrase, and how do you set one up” from Ledger on YouTube.
Caution- never forget or lose your Passphrase, if you do then the funds in your hidden wallet are gone forever, even your original 12/24 word Seed phrase cannot recover them.

[London-lad-1990]

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Exactly what I want to know. I’ve just purchased a Ledger but from some of the stories on here seems like the most dangerous thing you can do vs the actual risk of an exchange collapse.

[ExamAccomplished6865]

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Both are equally likely to happen. Two sides of the same coin.

[TheHipHouse]

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Coinbase has the vault option now if you have family you can trust. Any out going transaction needs to be approved by users in the vault and has a time window of a few days before it completes and can be cancelled. I think it’s always a good idea to have some crypto split between a hardware wallet and Coinbase

[hucisco]

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I have some on both, however Ledger users continue to lose their funds one way or another so be careful, might be too much for some, if you don’t do your FOOKING research. A word to the wise.

[Trip_seize]

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Ledger can get hacked?

That’s news to me. 

[G_AD]

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Very bad if he thinks of holding his assets for some time again.

1• The immediate action is he can just transfer of the gets access to his Ledger wallet and all his assets to a Software self-custody wallet like Xverse or Leather (Bitcoin, Ordinal, Stacks) (Recommended), Metamask for Ethereum, Polygon, and other EVM compatible chains or Exodus which is multi -coins -tokens support (recommended).

Drawback: The same thing can happen: Seed Phrase Loss

Or I think he can check in Ledger FAQs and Blogs on how to back up or find the seed phrase in Ledger to recuperate his seed phrase, ofc in case he has access to his seed phrase.

2•For asset sales, Coinbase is an option, but it comes with the risk of transaction blocks and asset control by Coinbase. Coinbase holds the keys, requiring authorization for any asset-related activities. Sudden loss of account access, even with customer support, is a concern, especially if account activity raises suspicion. Choose wisely when dealing with substantial asset amounts.
-Fails to keep Coinbase Login safe
-Coinbase Bankruptcy can be a treat.
-FTX-like for Coinbase
TLDR for 2•
Don’t use Coinbase to custody your assets

3• He can use another Hardware Wallet if he has a way to get one and move all his assets

Drawback: The same thing can happen: Seed Phrase Loss

[Ryder One](https://www.indiegogo.com/projects/ryder-one-stress-free-crypto-wallet-for-everyone/reft/36195510/af-03): The hardware wallet.
No more seed phrase stress. Tapsafe Recovery ensures you recover without a seed phrase. Split your keys, and use one hardware called Tag and your smartphone for recovery. The seed phrase is optional, Tapsafe Recovery is your safety net.

I would like to have your feedback on Ryder One after your research. I think their FAQ is helpful

[brewcitygymratt]

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While keeping crypto on exchange is rarely ever a good idea, if your friend is going that route, it’s absolutely vital that he uses a yubikey to 2fa his account. At least if he is somehow hacked/phished, they will not be able to transfer any crypto out of his account to another wallet without being in physical possession of the hardware key.

Everyone should use a hardware key on any financial account that offers that option for 2fa. Hell, even lock your gmail account with a yubikey for extra security.
Some lame exchanges(EToro for one), does not offer anything other than email or sms 2fa.

In those instances, I’d take email 2fa with an email account secured with a yubikey over sms 2fa any day. Too many stories of people being sim swapped and having their accounts drained after the swap because their accounts 2fa used sms.

[ZeroxTechnic]

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If he is afraid of loosing his seed, just subscribe to ledger for them to keep a backup of the key. Many here will scream internally reading this, but fact is, if you are loosing sleep over fear of loosing your seed, then this is the best option.

[royrudy]

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Xumm or Uphold should also be considered

[Wildarmtin]

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I transferred out of my ledger back into CB, not because of any security issues per se, but because I fully expect the gas fees for BTC to be astronomical at the height of the bull. CB account is as locked down as you can get, so with some op-sec I expect it will be secure.
CB locking my account for no apparent reason is my primary concern, but seeing as I’m fully KYC’d and all I do is buy and HODL, I HOPE the chances are fairly low.

[BlTCOlNsnob]

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If he is this worried about losing his seed phrase he obviously isn’t financially responsible enough for it lol. Coin base isn’t going anywhere he’ll be ok

[Autor]

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