1st Underground Online Blitz Tournament (UOBT)!

The main problem with your proposed method is match-fixing; either we need to organize a tournament "for our own," which is unrealistic, or we have to accept that the venture will always be in the red. Unfortunately, I've been registered on the forum for ages, and I don't recognize most of the players in this season. I can't guarantee that some of them (I apologize in advance, I'm not singling anyone out) will try to take advantage of a newcomer (KostyaN). No one can force people to only bet on "reliable" players. This tournament is good because it eliminates match-fixing – you'd have to negotiate with 6 players at once, and do that every round. Of course, there are many shortcomings, but that's why it's just a "version 1." If it works out, there will be BOB2, which will take all the mistakes of the first version into account, and maybe we can even implement some of your suggestions.
PS: There are only 6 rounds left, and whether to continue buying in or not is a personal decision for everyone. If there are no more buy-ins, it means the idea hasn't found support, and people don't want to risk their money. In that case, BOB will be considered a failure, the tournament winner will receive the promised $50, and there won't be a BOB2.
PPS: Regarding the statement that "no one will reach the final":D Anything is possible; betting is unpredictable. Sometimes you're on a winning streak and guess everything correctly, and sometimes even a 1.01 bet doesn't pay off. If everyone drops out and gets eliminated in the early stages, I'll come up with something, most likely a consolation prize or something else. Besides, the money doesn't disappear; it goes into BOB2, so... "Place your bets, gentlemen."