[cocoflunchy]

Expanded here: https://www.schneier.com/crypto-gram-9812.html#contests

[utnick]

This contest isn't a great example of the kind of contests he is talking about.

1) They are giving you the source code, protocol, and a tcpdump of all traffic between the chatters. You can even send messages via the protocol to one of the participants. Its not just here is some encrypted data, decrypt it.

2) They are offering a significant amount of money.

[anonymoushn]

Right, except for

2) there are no arbitrary definition of what winning means

The definition of winning in this contest creates a large class of potential vulnerabilities that would be paid $0.