500dollars.net - Monetize Your Social Network

500dollars.net offers members of social networks an easy shot at winning 500 bucks. It's an ongoing contest open to anyone simply by entering contact information. Finalists are selected at random from all entrants, and these finalists then invite their friends, members of their social networks (or total strangers) to vote for who they feel is most deserving of the $500.00, based on each finalist's short "pitch video." Entry is free, voting costs 1 dollar. Voters can vote for whomever they want, as many times as they wish. Your friends, members of your social networks and total strangers vote for who they feel is most deserving of the $500.00

“500Dollars.net is a unique concept that allows you to benefit from having lots of friends, belonging to social networks and best of all, from total strangers who want to see you win $500! In order to become a finalist, you must be a registered member. Membership is free and there is no purchase necessary - ever! Finalists are selected at random from all registered members.”

500dollars.net is a fresh, yet simple approach to online contests that harnesses the power of social media and leverages it for the benefit of its entrants. Because the site is monetized by entrant's voters, (1 dollar per vote with no voting caps or restrictions) entrants are incentivated to help monetize the site for their own benefit, making the site "self sustaining." It's a new brand of contest giveaway, that's consistent with the continuing rise of social media and user-driven 'everything'.

How will the site advertise itself? Will it generate enough traffic to keep it going?