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Why the huge fee to buy When tolkens?

The current price is around .04 but when you buy them the cost .07.


Why?


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We pass on the cost of credit card fees and add a small convenience surcharge. We are a pre-revenue startup and the sale of tokens provides capital for our operating expenses. Since purchasing tokens through our website is voluntary, most buyers do so both for the convenience and to support the business.


Thank you.



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I lost a little more than $373 from a purchase of $1000. You feel that this is acceptable?

I am not sure there's a right way to answer this question, because it is unclear if the underlying premise is accurate. Regardless, we want people participating in our ecosystem to be happy with the results. 


What is your desired outcome? Please open a support ticket and let us know and we'll do our best to accommodate.


Thank you.


Nik


Exactly what is the price for buying Tokens via WhenHub? Shouldn’t it cost less than buying it on an exchange?
I guess that the best option would be to buy it on an exchange. The cost of $73.00 on top of a $100.00 purchase borders on usury. It’s like going to a loanshark for a $73% “vig” (#Vigorish) per nanosecond of the transaction. This is not acceptable if you want to encourage widespread adoptation of the Tokens. Nes c’es pas?

If they made it cheaper on the website then the exchange the cost would never be able to increase on the exchange, if exchange price goes up people buy off of site then sell on exchange instantly bringing exchange price down. For the good of the WHEN token community everyone wants the price to keep going up on the exchanges making us rich. This is only possible if the site sells the tokens at a substantial premium as to not dilute the market with cheap coins. Your question is a good one and I understand your concern but basic economics run counter to your wants and desires. In the future just buy on the exchanges, the site wants you to do that.

So...typical credit card fees are around 3%/transaction, and I was charged 40% of my purchase price, so 37% was charged as the "small convenience surcharge". That is not small, but more to the point, the "fees" are not mentioned anywhere while making the purchase, making the whole transaction feel slimy.  I'm glad I didn't commit any significant money.  I'd be REALLY pissed instead of mildly disappointed.  Perhaps its in the TOC, but that is at best, misleading, and at worst, intentionally deceitful.  If you are trying to get people to trust your fledgling cryptocurrency, then it is bad form to rip them off and then make them feel bad for bringing it up.  I thought the idea was to promote the coins.  Scott Adams certainly promotes buying the coins through this interface and does not even mention buying them on the exchange.  I guess I understand why. @scottadamssays

I listen every morning and he almost always says to buy on Hotbit, LAToken and IDEX often saying that the coins are often cheaper on the exchanges(please go back and listen on podcast, I think you must have missed it)...The exchanges fluctuate prices every minute and in the last week have sold from $.02 to $.045 depending on when you buy ...Whenhub website is a locked in price that rarely changes,  many times this price has been lower then the exchanges, all depends on when you look.

I listen to the same podcasts, and that is not what he says. He DOES say that the tokens are traded on those exchanges, but he specifically promotes buying through the interface. I

@Peter: I will process a refund on any purchases you have made shortly. Here are some things that are important for you to understand:


1) WHEN Token purchases are voluntary. No matter what anyone has said, YOU have a choice and can decide not to purchase them. There is no compulsion whatsoever.

2) Prices are clearly specified. They are no secret...the price of the transaction is shown to you BEFORE any purchase action. Prices on exchanges are public.


3) I have stated earlier in this thread that we adjust the price periodically. Some days when both ETH and WHEN prices are in flux, the static price for USD purchase may be considerably HIGHER or considerably LOWER...it goes both ways.


Bottom line –– we are not going to automate the price in our Smart Contract at this nascent stage because there is a huge difference in prices across exchanges. Since the token price is used BOTH within the Interface app and for token sales, we need to have stability and can't have it vacillate between one moment and the next.


I appreciate why you might mis-characterize this as a rip-off, slimy and other negative terms, but in our opinion it is not.


Thanks.

I don't mind keeping the coins. However, you could avoid all the negative feedback by simply stating on the purchase page what you are actually buying, and what the fees are. Managing expectations goes a long way.

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That is a reasonable request and we can do that. We will put a note on the page that states in summary what I have communicated above. We'll also increase the frequency of updates to the Smart Contract rates to daily. Thank you.



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I was just going to attempt to buy WHEN using ETH, are you saying there is a fee? I have not seen mention of any fee. What is the fee?

There is no fee for purchasing WHEN. Earlier in this thread I was referring to the fee we (as in the company) pay PayPal for credit card processing. This is transparent to buyers.


For ETH purchases, you send ETH to 0xF4FE95603881D0e07954fD7605E0e9a916e42C44 and tokens are instantly sent to the address from which ETH was sent.


Nik

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