On my side, it all depend on the goal of the site... on my techy sites, moderators are support staff with knowledge and resources.. they are on the forum to answer technical questions, help debugging etc, so they are like staff in a real shop... i pay them.
on my parenting sites, why would they be paid if i receive no profit from the activities on the site?... they have their role and they are pleased to act as moderators because they are proud of the sites they are on.
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