I looked into the conditions Mr. Randi places on anyone who wants to try to claim the money he is offering. This is the one that stops me from ever wanting to get myself involved with his little scam:

Applicant agrees that all data (photographic, recorded, written, etc.) gathered as a result of the testing may be used freely by JREF in any way that Mr. Randi may choose.

He's nothing more than a rip-off artist, and anyone with any sense of self-preservation will go running in the opposite direction from him and his little enterprise... and fast.