Replying to Avatar zariOne

Why is a ColdCard better than a Ledger for self custody? 🤔

And a follow up, what is the best way to keep my bitcoin safe in self custody long after every single wallet company goes instinct and replaced by others?

Please help a fellow pleb understand 🙏
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Zach⚡️ 2y ago

Ledger is closed source. Especially if you use it with ledger live, that means that nobody can examine or verify the code running on the device or on your computer.

All the wallet companies will not go extinct, but it doesn’t matter if yours does. Coldcard doesn’t create software for instance. You have to use a Coldcard with generic software like Sparrow Wallet, meaning that once you buy the device it doesn’t matter what happens to the company. You can even use a ledger with most generic software.

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zariOne 2y ago

That means that if I have a ledger, I don’t have to use the ledger live and can choose whichever software I want. The difference is that ledger is close and cold is open source?

How does that affect a simple user that has little to do with coding or the ability to examine or verify the code?

What happens if ledger goes bankrupt and closes all its services, would I still be able to access my funds? And what about Cold?

Thank you, much appreciated

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Zach⚡️ 2y ago

You could still access all your funds.

It doesn’t really impact you, unless there is bad or malicious code in the device which gets exploited. The difference is that with open source code, smart people can look at it and verify that it doesn’t, but with closed source code, you just have to trust the company.

I’m not sure how much software supports ledger devices, but they are pretty common so I would assume most does. Ledger also supports shitcoins, which opens up a wider attack surface and is another thing to consider. I personally would never recommend a ledger product to anyone, but if you already have one and really don’t want to switch it, at least get ride of the dogshit ledger live software.

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zariOne 2y ago

Gotcha!

Much appreciated man! 🫡⚡️

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424ad77e... 2y ago

A bip 39 seed will work anywhere.

Coldcard is "source viewable" NOT open source.

Both are subject to supply chain attacks and potential rug pulls from the company itself.

However, Coinkite (maker of coldcard) has demonstrated FAR MORE trustworthiness than Ledger over the last few years.

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zariOne 2y ago

Interesting 🧐

Can you describe trustworthiness? What did they demonstrate to make you and others trust them more? Why Ledger is least so?

A genuine question, I am really trying to figure this out

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424ad77e... 2y ago

Ledger has leaked customer info.

IIRC, they also had a bug in the Ledger Live software (it happens to everyone) that they didn't report to users for a long time (that does NOT happen from reputable companies).