People want to do challenging things that are worthwhile. The $500 prize is necessary to prove that it's a worthwhile challenge.
It's easy for anybody to see that, say climbing a mountain with a death rate of >1% is challenging, or completing an ultramarathon; so no prizes need to be offered. Offering a monetary prize for illegible things like new math proofs creates common knowledge that those things are challenging and worthwhile.
It's easy for anybody to see that, say climbing a mountain with a death rate of >1% is challenging, or completing an ultramarathon; so no prizes need to be offered. Offering a monetary prize for illegible things like new math proofs creates common knowledge that those things are challenging and worthwhile.