PSA: Trading Steem on Binance DOES NOT SUPPORT ENCRYPTED MEMOS.
Just thought I would make this a public announcement since I just sent 5 Steem using an encrypted memo transfer to Binance and lost it.
Making an encrypted memo is as simple as putting the # symbol in front of anything in the memo field when making a transfer on Steem, be it SBD or Steem. This method works on Bittrex successfully obfuscating your memo but does not seem to work on Binance. I experimented and apparently I've lost 5 Steem! Sad, but whatever, it is the cost of experimentation.
If you are trading on Bittrex, you are safe to put a # before whatever your memo key must be when depositing and no one can see it besides you.
If you are trying on Binance you CANNOT use the # to obfuscate your deposit memo key, so leave it naked or else you will lose your funds.
I hope that this helps someone!
Happy Valentine's Day, my little babies! Love y'all forever.
-Matt-A
Thanks for the info @matt-a I tend to use Bittrex, the transactions seem to go through much faster.
I was not aware of the encryption with the # in the memo field..... still so much to learn thanks for sharing! 👍
The last time I tried to use a memo on Bittrex it wouldn’t go through at all, has this changed?
If you're depositing to Bittrex a memo is required so it knows where to go. If you don't use a memo, you're gonna run into issues and will have a hard time getting your funds back (if you're able to).
You can place a # before the memo on deposit or withdrawal on Bittrex to obfuscate the info, though.
Thanks @matt-a I will put that info in my note book. So much changes so fast and so often with the different exchanges I need to stay on top of this LOL.
I haven't done a Steem/SBD deposit to Bittrex yet, all my Bittrex Deposits have been incoming BTC to trade for Steem.
Outgoing Steem from Bittrex to my Steem wallet the last time I tried to enter a memo ( last Month ) The transaction failed!
The only way I was able to withdraw Steem from Bittrex was to leave the memo empty.
Do you know if this has changed again???
Wait, really? You just straight up lost the Steem? That's pretty fucked, man. At least it was a small amount. Still BS though.
I think I'd be able to recover it if I wanted to, but's it's roughly a dollar or two at the moment. But the fact that you cannot utilize the encrypted memo function is pretty lame and a rudimentary mistake in implementation. Bittrex supports the function, though.
We have learned a lot from your experience 👍
Posted using Partiko Android
Thanks for this vital information I have not traded or bought steem on finance before , I only used bittrex and Poloniex exchange @matt-a
Based on my previous experience, I would HIGHLY suggest not using Poloniex. Very unreliable and do not respond well to customers.
oh, I miss you so much!!! Hope you and yours are good... come back and play with us sometime! and thanks for this, you're always so lavish with your knowledge and kindness.
😘
b.
I'll be sure to be back sometime soon! I need a break from stuff, bad. Playing poker with y'all always ruled. Same place?
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