Rule number one in cryptocurrency is if you don't control the private key, you don't own it.
A couple days ago when the price of STEEM mooned, I quickly transferred my SBD and STEEM to Poloniex with the goal of selling high and buying low. I've done this before with SBD, and it worked rather well. Things were humming along until I realized my STEEM transfer wasn't showing up in my Poloniex account.
Yep. I screwed up. I've been doing bitcoin transfers including exchange transfers since early 2013. You'd think I'd be proficient at it by now, right?
It turns out, I screwed up pasting in the memo field:
That's not the right memo. I must have accidentally pasted the account in both the memo and account fields. The STEEM made it to Poloniex, but not to my wallet there.
I promptly opened a support ticket.
Two days old with no response. :(
This was my own mistake and now I'm at the mercy of Poloniex to fix it. Every time you use an exchange, you're putting yourself at risk. I've watched so many exchanges get hacked over the years that I've lost count. I know the risks and hopefully you can learn from my mistakes.
Always double and triple check the account and memo fields when transferring to an exchange.
And, if possible, avoid keeping cryptocurrency on an exchange as much as possible. Get in, make your trade, and get out. Back up your private keys securely in multiple places.
Will I eventually get my STEEM back? I think so. I hope so. It's all on the blockchain so I can prove ownership and Poloniex has been dealing with DDoS attacks and massive Ethereum losses lately, so my support ticket is probably really low on their priority list. Still a bummer though. I would have enjoyed selling STEEM high and buying it back low to increase my holdings. Now I'll just be happy to get back my STEEM.
