That's totally true but, as you say, it's being hided to the general public. Why would be the reason you would hide almost 500k worth of Steem to the regular user? Starting with the fact that -hypothetically-
you were in a 50k voting circle. I think that is only a piece in this weird-ass puzzle.
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That is true - technically there is NO reason to hide memos considering it's all on the chain as a record. Bring on some more puzzle pieces :-)