How I lost all my money on Steemit...
I’ve only been using Steem for a couple days now, but so far I love it! Well, kind of...
My “introduce yourself” post was very successful, so I decided to liquidate my $1K in earnings from it. (Realistically, that figure reduces to around $400 after curator rewards and STEEM Power holdings are satisfied.)
I decided on using the exchange Bittrex to convert from Steem Dollars (SBD) to Bitcoin (BTC). My plan, upon acquiring the converted BTC, was to then cash out in fiat currency.
(I usually hold crypto as an investment, but I’m going to college in a few weeks and would prefer not to eat ramen 24/7.)
So, how’d I lose the money? No, it wasn’t a Ponzi scheme! I just wasn’t paying attention…
Instead of depositing the Steem Dollars (SBD) in my SBD wallet on Bittrex, I sent them to my STEEM wallet. No big deal, right? More like a $400+ mistake…
Save yourself! Know the difference between STEEM and SBD.
While Bittrex has responded to – and is working on – my support ticket, I’m still skeptical that my funds will be returned. (Don’t worry, I’m not blaming the exchange! This gaffe was totally my fault.)
Here's Bittrex's response to my support ticket...
Long story short, always send small “test” transactions to your wallet before moving large sums of Steem Dollars there. And, most importantly, realize the difference between Steem Dollars (which can be converted to STEEM) and STEEM (which can be converted to STEEM Power for optimal reach and influence on the network).
Please, don’t be an Andrew!
Happy earning,
Andrew Demeter
Andrew, you may not realize it, but it may be the best mistake you ever made (a blessing in disguise as they say). If Steem takes off (and I think it will), the value of Steem could rise massively in the next few months. That said, I ALWAYS transfer a very small amount when making a first transfer on any platform to make sure I understand how it works and that it does work... something you should do in future. :)
I usually test with small amounts, but apparently I wasn't thinking. Thanks, Jeff.
Thanks for sharing, very positive insight! Cheers mate!
Thanks for reading!
Steem seems to be designed to appeal to crypto-virgins (myself included) who have never dealt in this world before. Would be nice if the interface to transfer steem could be a little more idiot-proof.
I've traded Bitcoin and Ethereum in the past, but nothing in crypto is foolproof!
That sucks Andrew. I've fucked up Crypto transactions before, not that much but still it sucked. Test transactions, that is good advice.
It's always hard to stomach the loss of money! Still, the opportunities here on Steemit are very promising.
What I see on steemit is a bunch of people just posting anything, opinionated unclear answers, useless drivel, all just to get some upvotes. This will be a problem for steem, because people, such as myself, will get tired of reading through it.
You said sent it to your steem wallet. I haven't tried to cash out yet, just powering up, but doesn't that just mean that it takes the 7 day window to move over? You had said YOUR steem wallet. Maybe I missed something though. Does suck when expected money runs away from you for sure
To my knowledge, I sent the wrong currency to the wallet.
Daym. That's a bummer dude. :(
I appreciate your extension of empathy! Haha.
Nothing is lost. This will be resolved. I sent some wothout any memo and they manually credited me. You'll be fine.
I hope you're right!
I'd be surprised if you don't get your money back. You sent it to bittrex, it's in the @bittrex account, all they have to do is manually toggle some bits. No worries man.
I have only 3 days here. This is insightful. Thanks