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Well, you need your device to sign a transaction so you better keep your device safe.

I’m a bit out of practice.

Apparently Ledger does not seem to have the secret password wallets Trezor has and even if it had those passwords may not take a long time to brute force for wallets if it is done next to a powerful full node or a list of all public keys with non-empty balance and the cracker has access to the seed phrase.

However if the seed phrase was hidden in an uninteresting object and preferably in encrypted format and that object went missing, I could have a chance to save my wallet before the thief gets my liquid and savings.

I don't really understand if that's a question or not.