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thanks. my main concern here is that if I need to replace a password because it was compromised I can't.

Besides being locked down to a seed-based password, I'm not sure I like the extra wear and tear and exposure of my Nano by using it beyond its intended purpose.

the ledger is, well, supposed to be used daily, not as a cold storage device. That's why I hold only minimal amounts of coins on it and use it as a second factor authentication device.

I have another one that's a cold storage.