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RE: Vlog #74: Why Poloniex keeps stopping STEEM withdrawals and deposits (theory) + Trying out D-tube for the first time.

in #dtube7 years ago

D-Tube worked great! Loaded fast and with no lagging whatsoever. I really liked how the default video size was larger than youtube and the picture was crystal clear.

I really hope the explanation from @crypto-investor sheds some light on this problem with Steem and the exchanges. I thought his explanation was perfectly logical and made a lot of sense. Just last week Steem was disabled at least of awhile on Polo, Bittrex, Changelly and Shapeshift, so this leads me to believe it's definitely an issue on the Steem Inc side of things pertaining to the memos.

This quote here sums it up perfectly:

"With BTC, an exchange generates each user unique addresses, with Steem that don't work, they're only permitted to have one or a few accounts, but not a unique blockchain address for each individual user's deposits. This means, they have to sort out the transactions using the memo field. What if they get a bunch of deposits without memos?"

I'm still relatively new to crypto and didn't even know what a memo was until I sold some SBDs for Steem Power through block trades and watched a video showing me how to properly put in the memo field. All of my original transactions up to that point I simply left the memo field blank when dealing with Polo and Bittrex. 1 time on Polo I had to wait 3 days before my transaction completed. Needless to say I was a little worried, but I realize now I simply didn't know what I was doing. So you mentioning the overall inexperience of Steemit users pertaining to the in and outs of crypto is I believe a very valid reason. For most users Steemit will be their introduction to crypto since there's no barrier of entry. They can simply sign up for a free account and start earning Steem. The learning curve is quite steep with Steemit and crypto in general and it would be a great idea for Steemit to invest in maybe a video series outlining the ins and outs to get started. The welcome page is great, but it's all text, and we know most people would rather learn from watching than reading.

Great post as always brother and maybe with you addressing this subject in your blog it will bring more attention to this issue so it can get resolved and we see the Steem price rise to where it should be.

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Again thank you for bringing it to my attention!

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