However, since Colin presumably doesn't want to raise his prices to pay for actual review, it is encouraging that he is at least going with bug bounties. These, at the very least, gives us a good excuse to assign them as fun things to do for graduate students with some hope that one will want to procrastinate so hard that they will actually look at the code.
Also I think any reviewer who wanted to get paid would not start with Colin's code as an easy place to find bugs.