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@02d43d3798 mentioned that correspondence games make it easier to cheat so we will not do correspondence game.
I think having a prize and (small) buy-ins would still be cool. Makes this more serious. I also think a prize attracts more. But it shouldn't be too high since it does indeed give incentives to cheat, you're right.
I think I am going to sponsor a prize between 25k and 100k sats.