According to the most recent Swift newsletter, James Randi will discontinue the $1M paranormal challenge in March of 2010 in order to free up the funds for other endeavors. There is no word yet on what those endeavors will be. The would-be psychics out there still have two years to make their attempt.
I have mixed feelings about this. It's certainly become clear to me that having the prize around does little to deter woo woo. On the other hand, there's something very satisfying about jumping into discussions with, "Well, I've got $1M that says you're wrong."
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