Obligatory: https://www.schneier.com/crypto-gram-9812.html $300,000 isn't a whole lot more than it would cost to get n entire novel cryptosystem for a complex application built out of idiosyncratic components assessed professionally. They should just retain Riscure or Rambus to do that for them instead of the PR stunt. Previous thread about Telegram on HN, featuring Moxie Marlinspike: https://news.ycombinator.com/ite…
–$300 000, and good publicity among security experts.
What's the mathematical expectation of "Let's start a contest with $300K for dealing with our crypto on our terms (assuming 5% of success)"?
–$15 000, and much larger PR effect. ($300K-resistant crypto, yay!)
Seems to be an easy choice, unfortunately.