Hi Lazy Money Guy!
MindSumo is switching its rewards system from money to points as of July 1, 2016. This change should increase the prize pool for each challenge, allowing us to reward the top 50% of solvers, as opposed to 10% or less in the current structure.
Here is some more info about the upcoming changes:
- We’re increasing prize pool per challenge by 60%
- Points can be converted to money and cashed out at any time, with no threshold
- Half of the submitters to each challenge will win some reward
- Points will be the only reward mechanism on MindSumo and will be given proportionally based on the quality of ideas you submit to challenges.
These changes will affect your current reward balance. Here’s how:
- Bonus rewards (like the signup or first solution bonuses) will be removed entirely on July 1. We are moving the funds from these bonuses to challenges, so the prize pools can increase.
- If you’ve made referrals and have at least $5 in the referral rewards category, you can cash out now through June 30, 2016.
- If you were chosen as a winner or honorable mention on a challenge, your rewards (minus bonuses) will be converted to points if you don’t manually cash out before July 1, 2016.
For challenges already launched, the reward amounts will stay the same. For example, if the challenge lists 5 x $150 winners and 5 x $50 honorable mentions, the points awarded will match those values.
We’re excited about this change and very confident it’ll will result in a better experience for our student users. Feel free to reach out with any questions or feedback.