Ledgers Fallout: A Tale of Trust, Control, and Data Ownership
The Unraveling of Trust
Every corner of cryptoTwitter I look, there's a video or picture of one person or the other either burning their Ledger hardware wallets or smashing it to bits. And it’s not looking good.
The Ledger company, a long-standing bastion of security in the crypto world recently found itself in the eye of a storm for a controversial new firmware update pushed out to their hardware wallet devices.
In my last post about the Ledger Controversy, I mentioned my decision to resist this update, a decision that now seems mild in comparison to the uproar it's sparked among other Ledger users. The crypto community is ablaze with anger, and understandably so, Ledger users feel rug pulled; I feel rug pulled.
While no money may have been lost, something more valuable has been compromised – trust. Satoshi the founder of Bitcoinand the pioneer of decentralized finance would be very disappointed.
The Shift to User Control: Lessons from Hive
The situation with Ledger brings to the fore a fundamental principle upon which the crypto space is built: user control and data ownership. And no platform epitomizes this principle more than Hive, the leading social media platform for Web 3.0.
Hive is a decentralized social media platform where users have complete control over their data and content. It provides an excellent example of how the principles of decentralization, data ownership, and user control can be applied in real-world situations.
Hive platform operates on blockchain technology, creating a transparent, open-source, and community-driven ecosystem. This design gives users the freedom to control their online presence, manage their data, and engage in a democratic decision-making process. On Hive, users are not at the mercy of central authorities or opaque algorithms.
The Contrast: Hive vs. Ledger
The Ledger situation starkly contrasts with the principles upheld by Hive. Ledger's new update has been met with widespread criticism, as it appears to run counter to the ethos of user control and data ownership. Users feel their freedom has been compromised and in crypto, that’s is a cardinal sin.
On Hive, such situation is impossible. The platform's decentralized nature ensures that any significant changes would require community consensus. In other words, it's the users who hold the power, not the platform creators.
The Importance of Trust
Trust, once lost, is hard to regain. For Ledger, this controversial update has eroded the trust of many users. They feel betrayed, with the unexpected change feeling like a rug pull. This sentiment is captured vividly in the images of destroyed Ledger devices circulating on social media.
Trust is a cornerstone of any relationship, be it personal or business. In the crypto space, where transactions are often irreversible and anonymity is common, trust becomes even more critical. Ledger's recent goof serves as a stark reminder of this fundamental truth.
Looking Forward: The Future of Crypto
What does this mean for the future of crypto? The ongoing Ledger saga and the contrasting example of Hive emphasizes the growing importance of user control and data ownership in the crypto space. Users are demanding more control over their digital assets and data, and platforms that fail to respect this will face a backlash.
The crypto community is vocal and passionate and will quickly rally against perceived injustices. And as we move further into 2023, we can expect these principles to drive the development of new platforms and technologies.
In the end, the crypto space is not just about digital currencies. It's about building a new, decentralized world where users are in control. And in this world, trust is the most valuable currency of all.
Conclusion
We should not forget the principles that brought us here: decentralization, user control, and data ownership. Let's keep holding platforms accountable and shaping the future we want to see.
Thanks for reading.
I read many posts about it here, wrote pretty much the same comment. I still can't decide, people don't use it, they just write about it, so they don't care much or they use(d) it, they just didn't check out who they deal with, when they buy, use a Ledger Hardware wallet.
Who owns Ledgers? (First thing what people should check out, whether it is a hardware wallet or exchange. Anyway, if you check out plenty, you will still end up with the 'establishment'.)
I picked the very first links in search engine, so people can see, it's not a secret, hidden information. Ledger is owned by the establishment (bank, gov, big (tech) connected corps, funds). So, it's their interest to do it, kinda was expected it, to happen earlier or later.
So Ledger:
https://app.dealroom.co/companies/ledger_wallet
The biggest investors include Molten Ventures (I picked the first, but all leads to the same small group of people anyway.) Who is Molten Ventures?
https://en.wikipedia.org/wiki/Molten_Ventures
Who are the owners of the Molten? One of them:
https://en.wikipedia.org/wiki/Schroders
Their 'notable' people:
Lloyds, BoE, World Bank, Rockefellers... :) :) :) getting the picture?
personally, I am sure, btc (most cryptos) were created by the 'club', now we just see, when they dont even try to hide anymore, they want to turn all cryptos into CBDCs...
If we see the long term picture, they are building out a worldwide networked centralized system, infrastructure. It won't happen anytime soon, but if they can do that, 1 day, probably within 10-20 years, they will announce a kinda world bank CBDC, a 1 world currency, what will send near to zero all the trackable cryptocurrencies, as they will 100% own the infrastructure, 100% control it, 100% trace, surveillance.
The obvious solution, use privacy coins (what BTC was planned to be originally), even if they officially ban it, you can easily use them anyway. I don't see any other solution. (I mean in crypto, digital currency space, precious metals always will be there.)
Ah ahhhh…..🤯
Thanks for this interesting expose
Eventually the idea of giving users total control with ledger will silently wade away. The update announcement couldn’t have happened sooner
'interesting' that the msm crypto news don't like to mention it, at all... :) :) :)
if you want even a better one, a real mindblow, check out who owns, owned (in the same way, through funds, investment corps; with 3-4 steps, going through the hole world from US to Japan) the FTX... :) :) :) same there, msm was banned to 'report' that part... they were 'busy' only with the puppet 'CEO' fried guy, who they picked for scapegoat... :) :) :)
anyway, i never used Ledger, now it is obvious I never will, so I don't know that much about it, but guys who do, said, now it applies to only 1 model, not all, yet. (funny they called me fool for the my privacy arguements (what should be basic in all aspect of life, epecially finance), now they are checking out which privacy blockchains can be the future..) anyway, tomorrow it'll apply for all Ledger, after tomorrow all different hardware wallet... we know how it works in, all aspect of life...
Crypto social media has gone uproar because of this situation. Ledger reputation has probably plummeted to zero. The community will avoid it like the plague. I doubt whether they adhered to the right principles from the start, maybe it was all a show that's beginning to be unravel.
Considering the cost and effort it takes to get a crypto onto the ledger device one would be quick to think that it’s all worth it. Many are saying nothing changes, if you don’t want it, don’t update it. That’s wrong, what happened to the company that heralds full user control and ownership? It’s just smelling to me
It's completely wrong. I think that's just a tip of the iceberg. It's not that simple to just don't update because there's a fundamental change of things. Maybe that company was bought unknowningly to us.