Recurrent transfers have been added in a recent Hive hard-fork. I think it's a pretty useful feature for a system like Hive, which allows people to earn both through effort (labour) and from capital investment.
I tested recurrent transfers with Binance more than a year ago when they had recently arrived and they didn't work: my 10 HIVE left my wallet but it was never credited to my Binance account. I never received an answer from Binance customer support but I blamed it on my enthusiasm: I should have been more prudent.
Now after more than one year I wanted to test recurrent transfers again, in the hope that they had implemented it. This time I was more prudent and did the transfer with 1 Hive only
The data is public on the blockchain
As the Hive never arrived I filled an application to retrive my deposit.
This evening I checked my Binance account and I noticed they had already answered, two business days after I had opened the case.
Unfortunately, the answer was: "we don't support recurrent transfers"
So here you are, I've tested it for you, this time I only lost 3 HIVE (yes, I know, I should have stopped the recurrent transfer earlier, I wasn't prudent enough, yet again)
Conclusion
Don't try recurrent transfers toward Binance, they are not supported, you'll lose your HIVE
P.S. Meanwhile HIVE and HBD deposits and withdrawals were suspended on Bittrex Global ... the times are dire ...
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Bittrex has not been very stable lately. At some point I was tired of it, and just deactivated my account there. On he other hand, I have never tried Binance. From what I read here, I am not motivated to (they should at least give you back your HIVEs).
Cheers!
But what do you use to exchange HIVE then ? I thought they were the only to (relatively) solid and trustworthy CEx-es available to non-Koreans. What have I missed ?
I use huobi. It works fine, so far.
Thanks. I should consider opening an account there as well ...
Every time you want to deposit Hive on Binance it is required to fill the memo field as well and I think that memo changes, even if it's only one user, it's not always the same memo so this way recurrent deposits are a no go.
Now as a side note I'm curious why do you want to deposit your Hive on Binance, stack a few and then sell them for fiat?
Not in my experience. My Binance memo hasn't changed in my memory, it's always been the same. But ir's true that it being a number generated by Binance, they could decide to change it unilaterally. However, they could in theory keep track of the past memos of the same user ...
I wanted to test an end-to-end use case for investors. Hive needs to attract capital - investors could buy Hive on Binance, stake them on Hive as HP and then put that to work (either directly or through delegation). This work would produce new Hive at a certain rate and having an automated way to get a "return on investment" (by transferring Hive back to Binance at regular intervals) would increase the attractiveness of the ecosystem for investors
I understand now what you want but IMHO I can't see this as being an impediment for new investors to join Hive, nor do I think this makes it really that much more attractive.
One such investor could just check his account once a month and decide then what to do with the roi, send it to a chosen exchange, or maybe power it up more.
I tend to disagree. Real investors have understood that time is the most precious capital there is. Real investors do not need to "check their account" because they know with a sufficient degree of certitude what that month's ROI was. Real investors, of the type that would make a real difference for HIVE (I'm talking 5x and more than what I have invested) have a "default decision" on how to allocate the ROI (how much to power up, how much to send to an exchange). So if that automation is not available they'd need to spend their time to actually do the transactions manually. That is a significant deterrent to investing in Hive when other alternatives are available, IMO.
Then maybe better options already exist and we just don't know about them yet !? Do you personally know these investors or why are you interested in this option just for Binance?
I've seen that you are really good at putting ideas into written words, why not write an article asking for this exact thing you want, you could address it to and/or tag some whales as well, something good for everybody could come out of it.
Btw, as a side note, do you use ListNerds or at least do you know about them?
Any option would need an execution engine (you'd say a "smart contract" in Eth-speak) which Hive doesn't natively support - you could perhaps deploy one on hive-engine, I don't know.
I'm not interested in such a "recurrent transfer" option just for Binance ... this option is interesting for any exchange which has a fiat off-ramp. There are 3 or 4 I know of (Binance, Bittrex, Huobi and Upbit), I have an account with the first two only and all HIVE deposits are disbaled on the second, so it's not like there's a vast choice ...
I wrote many articles in the past which would have made great applications for the steem (at the time) ecosystem, such as "Steembit" - a decentralized storage marketplace and "My blockchain memory". Nobody took these babies up, I don't see any reason to believe it would be worth my while now.
Never heard about ListNerds before, I'm reading the whitepaper now, seems a bit confusing at first
I had a quick look at those articles, very good ideas but they would need a lot of dedicated people, a lot of programming, a lot of marketing and probably a lot of money.
A Steembit idea like might slowly start to take shape on the new Spk network where the plan is that 3speak videos will be stored on nodes run by people or even simpler on your personal pc/laptop if you have the upcoming 3speak app that will allow you to just switch ON an option to instantly transform your PC into a hosting node without having any knowledge about Linux or running nodes.
offtopic: Daca planuiesti sa mai scrii un articol interesant, poate ma poti anunta cu o zi sau doua inainte sa-l trimit si prin ListNerds, as vedem ce effect are, asta doar in cazul ca nu esti interest sa incerci si singur sa folosesti ListNerds, se poate folosi si gratuit.
Hmmm, strange! I would wouldn't have thought that it would have a difference! I rarely send hive to Binance at the moment, but thanks for doing the checking!
bittrex does it for years now, it is more down than working.
This information is great. Thank you
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