@aussieninja,please get your facts in order before saying something like this :) You are free to check Fundition website or ask for help if anything is not clear enough. Here is a link to the official purple paper that might make things more understandable for you: https://purplepaper.fundition.io/
Feel free to elaborate on where you got that info about 5% or contact Fundition if you ever need help with anything.
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Hi @zen-art,
Hmm, okay... I backed a Steem Project for $100... but on the Backers page it shows $94.30 as the backed amount. Was that $5.70 not a Fundition fee?
Thanks for the link to the Purple Paper, it doesn't really cover how Fundition makes it's own money though. Could a section on transparency be included?
I understand your confusion and thank you for bringing this to our attention. There is definitely more room to make this more clear. That was not a Fundition fee. If you have made a donation with Paypall it had its fee, for example:
You make a donation to the fundition association, in return we send liquid STEEM to the founders wallet. Fees for Each transactions under 2500$ are 3.4% of donations + 0.25€. Here is an example of one donation:
Donation Amount 25,00 USD
PayPal Fee-1,28 USD
Net Amount 23,72 USD
SteemPrice 0.800370 USD
Since crypto fluctuates, the calculation is done with current prices and is subjected to change depending on the price of Steem but the fees before conversion stay the same.
I did the math in your case and it seems that there is around 2$ that went in fluctuations of crypto. This is all if you used Paypal, if not and if you donated via cryptocurrencies from another site then that site had its fees. In any way, there is no Fundition fee. We are talking with some exchange platform for less fees so fingers crossed and happy thoughts.
I hope this answer helped and I am at your service if you have any more questions. Feel free to contact us in our help channel on discord too.
Ah, that is confusing because when you check on the Paypal site, it looks like it sent the full $100 to Fundition.... and then when you check Fundition it says $94.30 as the donation... so I'm sure most people would assume Fundition is taking a fee. I'm sure it's a case of Paypal being not transparent, but unfortunately it looks bad for Fundition.
This definitely does help... thank you.
Unfortunately, in the age of the internet, just because a site says they don't take a fee, doesn't necessarily make it so... so please do excuse my skepticism.
If you don't mind me asking... if Fundition doesn't take any fees, how does it make money? I can't find any information on that at all.
I welcome your skepticism and critical thinking, if more people had more of it, the world would be a better place :)
Fundition earns money by two ways, donations and curation awards on steemit. Every project owner (if he or she wants) can make Fundition a Beneficiary with some percentage (usually 1% and not by all founders). When you take all this into account, we are faaaaaaar behind other platforms and their profit and proud of it.