Why do we push payment by hour and not by project? If the project is worth 180k, why not pay it instalments on progress? This is a poor mindset, where people are more motivated to use time instead of delivery. Not talking about @cryptomancer and his skills, as he is good and delivered. I talk about the way it is handled. Also, asking for such a sum, we could have different offerings, where companies/devs could bid on the project, as in a free market.
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For a project like land it works to have a project payment. But what do you do when he works on 20 tiny things in the game in-between huge projects?
I think for cryptomancer, hourly pay instead of a monthly salary may work better, since he has long periods of traveling and vacation when he works much less, and from how he was described over time, he is very detailed in his reports and good with estimates (unlike many devs).
Regarding cheaper devs, they exist, for sure. But we tend to want great results yesterday, and for that, new employees or contractors only lengthen the duration of development (they need to get up to speed, understand the code, get some easier work first, etc.) and potentially drop the quality standards. You can't hire someone today, no matter how experienced, and tomorrow (or even in a month) they start coding land. It's a lengthy process, which should be attempted at some point, when they start expanding again (hopefully). Let's also account for the language barrier in some cases, where a great coder can't understand well enough the requests, and they either need more supervision or someone needs to make sure they understood what they were asked to do.