Why Can't You Deposit Steem Dollars (SBD) To The Internal Steemit Market?
So I was going to transfer some Steem Dollars to Poloniex so I could ultimately pay some bills. I checked the internal market to see if it made sense to convert the Steem Dollars to STEEM and then transfer the STEEM to Poloniex to be converted to Bitcoin. It really didn't make a difference so I sent the Steem Dollars to Poloniex. The trading was pretty thin so I was going to do it in smaller chunks.
Then I looked back at the internal Steemit market and it was like the stars aligned.
Suddenly there was someone selling a decent chunk of STEEM for Steem Dollars at a price that would have saved me $70. This was because Steem Dollars were basically going for $0.90 worth of Bitcoin on Poloniex and this person was selling each STEEM for 1.02 Steem Dollars.
I immediately re-plotted my course to send the Steem Dollars back to the internal Steemit Market. I was like NOOOOOOOOOOOOO! It looks like you can't do it!!!!
Why can't you deposit Steem Dollars into our Steemit.com wallets / internal market? Or am I missing something? Also would this help solve market discrepancies if we could?
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You can definitely send them both ways.
From Poloniex just set the withdraw to address as : brianphobos (or whatever account your trying to send to)
Fill in the amount you wish to send.
and click withdraw. : )
You may need to then enter a 2factor or an email confirmation depending on your Poloniex security settings.
for SBD is the deposit the same way for STEEM using the memo address?
Ahhhhhhh! Thank you for the explanation! I will know next time around if this happens again!
And where can I find my memo address?
"3.) It will ask you for your MEMO -> go to your Steemit account and click on Permissions you will find your MEMO there (dont click on show, just use the public memo)"
can you not just send it back to your name "brianphobos" as you would steem?
Yeah I guess you can. That is what @xeldal said in the post above. That is pretty cool but I guess in my mind I was expecting there to be a "Deposit" thing in the Steemit wallet where I would get an address to put in over at Poloniex to send to. I'm glad I have the answer now.
ah okay I didn't read the comments before posting xD.
Only reason i know the answer is i asked this same question a while back, also expecting a deposit button.
This is interesting. I'd just assumed it was possible to transfer SD back into my wallet on here, but hadn't actually tried.
I'd be curious as the motivations or reasons for this. Not meant as a complaint, just non-intuitive for me.
I'm the same way. I just hadn't tried or had a reason to but then I saw that situation where I basically would have been getting $1.00 / Steem Dollar instead of $0.90. So it was worth me trying to reverse out of it
I have a man on it....
You really are a 1950's housewife. LOL I understand the team dynamic though!
That reply only makes sense to you, everyone else probably thinks I'm a 1950's housewife, yes!
You are missing something. Both the steem and sbd in your wallet are available for trade in the internal market. The internal market is directly happen ending on your account.
It's all nicely integrated.
What I'm saying is that if you send Steem Dollars to an exchange or if you buy steem dollars on the exchange you can't deposit it to your Steemit wallet / internal exchange. Once you transfer the Steem Dollars out it is like you can't go back.
Thats not true. You can receive Sbd just like steem. I have done this today via polo.
If your exchange does not allow you to sent sbd to your wallet, that would be an issue with that account.
Poloniex is not available to me since I live in new york, but it may be worth also checking the bittrex price feed before you send to the exchange. The internal market tends to be better/quicker. You would have to pay a small fee if you wanted to sell steem or steem dollars for bitcoin and buy steem or steem dollars on the market. so the internal market is better if the price is right.
but with bittrex (and most likely poloniex be very careful to send steem to the steem wallet and steem dollars to the steem dollar wallet. Otherwise you have to wait for them to fix the transaction if they can).