I want to start a new site and give away money as part of a contest. However, I've tried to do this with sites before, and there hasn't been interest. Part of the reason I suspect it hasn't worked is because people don't believe it. Any scammer on the Web can claim he has money to give away, and then not follow through. So is there some way to prove that you actually will give away the money? As a new site, I have no brand or name recognition to give me credibility.
People are all too keen nowadays when they see "free money". I guess the only way to gain credibility is to hold regular contests and pay our regularly. That way people know you're legit.