It is absurdly low.

Remember, people who advertise for work to be done at those kinds of sites are utterly unrealistic. Perhaps as unrealistic as those who bid on those jobs!

They are used to having people who live on $1 a day under-bid each other. Then of course the specs are usually loose, they underestimate the amount of back-and-forth it takes to arrive at a complete problem definition, etc. And in the end they often walk away with something that really isn't quite what they wanted after a war over the entire thing.

I'm not saying there aren't successes, though I can't imagine how.