^^ Also, everything is relative. When you're the Emir of Qatar, $70 mil is the change you have floating around under your couch cushions.
I have held a few contests on 99 designs. Each time I usually select 1 "winner", but end up contacting 3 - 5 more people and buying their designs as well for split testing, or just for other websites.
Also, my contests were always over $1000 to the winner.
Would never use that site...
The feeling you get when someone picks the worst submitted design, and ignores the best ones. It happens all the time..
Years ago I entered random design contests on forums to burn some free time, and the winning design was always the shittest one. When other members and myself explained the best one was clearly xyz, every single time the worst one was picked.
My point: Your wasting time trying to design something for someone who has no idea what they want.
Refer to: How a Web Design Goes Straight to Hell - The Oatmeal
Or..
How about people paying $70 million for this:
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......
No thanks.
......
Also these sites and the $5 logos are bad for designers and* buyers.
What was once.. $200-500 for a quality logo, and trusting the designer to make the right choice for your brand as an OUTSIDER.
Has now turned into:
$5, and 10 revisions on what YOU think is "cool", for a logo so freaking awful. That $ petty cash might help now, but it's going to hurt down the road.