Charity Crowdfunding Site Drops Fee

The charity crowdfunding platform GoFundMe will stop taking a 5% commission from crowdfunding campaigns in the United Kingdom. (It has already done so in the U.S. and Canada).

After taking some criticism for profiting at the expense of others, the site has decided to forego its fee when people raise money for causes like cancer treatments. Instead of the commission, the site will ask donors to give a “tip” when they pay.

Users of the platform will still be charged “an industry standard processing fee” of 2.9 per cent.

It will now be the only charity crowdfunding site in the UK that doesn’t charge a commission.

https://www.civilsociety.co.uk/news/gofundme-drops-processing-fees-will-rely-on-voluntary-tips.html

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Crowdfunded Cat Cafe Dogged by Misconceptions

Due to the “many misconceptions and stigmas out there about cats,” the couple that crowdfunded more than AUD8,000 in 2014 and 2015 have still not opened their Capital Cat Cafe.

And the founders still don’t know “when or where the cafe would open, given the difficulties they had securing a suitable location for the business.”

However, not to worry, as they say that they will carry on and once the restaurant is opened, all donors will get their names placed on the cat Wall of Honor (and other cat themed perks) promised years ago.

Note that some refund requests have been honored, and the founders are embarrassed that it has taken so long (and longer) to get this great idea off the ground.

Another great idea stymied by conservative land owners.

https://www.smartcompany.com.au/industries/hospitality/crowdfunding-canberra-entrepreneurs-struggling-cat-cafe/

Posted in accredited investor, checkbook, Congress, Crowd Fund Act, Crowd Fund Act of 2012, Crowd Funding At the Margins, Crowd Funding Platforms, Investments, Jobs, Legislative Intent, review, Small Business | Leave a comment

Blockchain To Be Tested For International Money Transfers

One of the major problems with Bitcoin is executing a transaction. The Bitcoin exchanges are slow (up to an hour or more) and costly (~$30).

According to a press release, Ripple has a blockchain transaction mechanism called the XRP Ledger where transactions (according to them) will cost ” just fractions of a penny” with the average transaction time of ” 2-3 seconds”.

Ripple has now teamed up with the public company MoneyGram, an international payment processor, to test the XRP Ledger to send international cross border payments.

The current system requires “money transfer companies to use pre-funded accounts across the globe to source liquidity.

Newer blockchain technologies have the potential to revolutionize this process and optimize capital deployment.”

The Ripple token’s value surged on the news yesterday.

This may be a real life way that the blockchain can make payment transfers more efficient. Stay tuned.

https://www.prnewswire.com/news-releases/ripple-and-moneygram-partner-to-modernize-payments-300581372.html

Posted in checkbook, Crowd Fund Act, Crowd Fund Act of 2012, Crowd Funding At the Margins, Crowd Funding Platforms, Film, Investments, Jobs, Legislative Intent, review, SEC, technology, VC, Venture Capital, Wall Street | Tagged , , , , , , , , , , , , , , , , | Leave a comment

Kodak ICO Apparently Re-Boot Of Failed Crowdfunding

Some good reporting by ArsTechnica has uncovered that the Kodak Initial Coin Offering is apparently a re-hash/re-boot of a failed ICO by Wenn Digital known as the RYDE coin.

The article notes that “RYDE coin that never got much attention and was apparently aborted days before Kodak Coin was announced.”

The business plan of using blockchain to register photos was similar to the Kodak project, except Wenn was then promoting a stable of papparazzis.

It appears that this is nothing more than a brand licensing move by Kodak, which is how the company has been surviving since its bankruptcy in 2012 when the photographic film market finally died and took Kodak with it.

Doing some digging, the AT reporter found that “The RYDE crowdfunding page listed German copyright lawyer Jan Denecke as the project’s CEO. Now Denecke is listed as the CEO of the KodakOne project.”

Without full disclosure required by the Securities Act of 1933, investors will not get the full picture of these offerings.

https://arstechnica.com/tech-policy/2018/01/kodak-apparently-re-branded-a-paparazzi-licensing-platform-as-kodak-coin/

Posted in accredited investor, balance, checkbook, Crowd Fund Act, Crowd Fund Act of 2012, Crowd Funding At the Margins, Crowd Funding Platforms, Film, fraud, Funding Portals, Investments, Jobs, Legislative Intent, review, SEC, Small Business, technology, VC, Venture Capital, Wall Street | Tagged , , , , , , , , , , , , , , , , , , , , , | Leave a comment

Old Kodak Becomes Cryto-Star

Kodak shares screamed up 119% yesterday after announcing at the Consumer Electronics show in Las Vegas that it intends to do an Initial Coin Offering to raise up to $20 million create Kodak Coins on the Ethereum blockchain that will allow photographers to register their pictures on the blockchain in order to protect their copyrights.

The ICO will be conducted as a private placement, will open on January 31, 2018 and will be open to accredited investors from the U.S., UK, Canada and other select countries. ”

“Kodak [also] maintains a coin mining operation at its headquarters in Rochester, New York, and has licensed its name to server computer hardware used to mine coins, giving it a potential source of revenue in the mining of the Kodak Coins.”

https://www.barrons.com/articles/kodak-ceo-blockchain-significant-though-not-a-doubling-in-stock-price-1515544067

Posted in accredited investor, Banking, Banks, checkbook, Congress, Crowd Fund Act, Crowd Fund Act of 2012, Crowd Funding At the Margins, Crowd Funding Platforms, Film, Funding Portals, Investments, Jobs, Legislative Intent, review, SEC, technology, VC, Venture Capital, Wall Street | Tagged , , , , , , , , , , , , , , , , , , , | Leave a comment

Shittiest Crowdfunding Campaigns

In this life, especially in Washington, DC, everyone has an opinion. So, if you’re looking for opinions as to the shittiest crowdfunding campaigns, head on over to Reddit.

There you will find comments on such beggings as Piqapoo, a bag to catch your dog’s you-know-what, or the guys asking for $100,000 to send his comedy script to Will Farrell, or the self styled project to use parts from a 3D printer to counter “laser , radar, and thermal imaging based missiles.”

Who doesn’t want the Buttress, “[T]he ultimate life size natural latex butt pillow”?

And of course, the guys who did the Juciero that apparently failed, now want you to drink untreated “raw water,” the newest California fad that can actually put you in the hospital. Caveat donor!

https://www.reddit.com/r/shittykickstarters/?count=25&after=t3_7nvify

Posted in accredited investor, balance, checkbook, Congress, Crowd Fund Act, Crowd Fund Act of 2012, Crowd Funding At the Margins, Crowd Funding Platforms, discrepancies, fraud, Investments, Jobs, Legislative Intent, review, SEC, Small Business, technology, VC, Venture Capital | Tagged , , , , , , , , , , , , , | Leave a comment

Kickstarter Stat Check

Here’s a stat check from Kickstarter: Of the 385,810 total projects, only 35.6% were successful as of today.

The top five crowdfunding categories (in order) are: Music, Film, Games, Publishing and Art.

In the Music category: 10% raised <$1,000; 71% raised $1,000-$9,999; 13% raised $10,000-$19,999; 5% raised $20,000-$99,999; and 0.3% raised $100,000-$999,999; and .007% raised $1 million.

The top five unsuccessful projects were (in order): Film, Publishing, Music, Tech and Games.

A little reality check.

https://www.kickstarter.com/help/stats?ref=global-footer

Posted in accredited investor, balance, checkbook, Congress, Crowd Fund Act, Crowd Fund Act of 2012, Crowd Funding At the Margins, Crowd Funding Platforms, Film, Funding Portals, Investments, Jobs, Legislative Intent, SEC, Small Business, technology, VC, Venture Capital, Wall Street | Tagged , , , , , , , , , , , , , , | Leave a comment