To answer the original question:
Long time limits give us a chance to play chess of fairly high quality. At least with better considered lans and fewer gross blunders than we habitually make at fast time limits. The likes of Carlsen and Hikaru can play excellent chess ar ridiculously fast time limits because their instincts for good moves and plans are so well developed and their sight of the board is so quick.
For those of us lower down the pecking order our games at fast ime limits are marred by many misconceptions, oversights, and blunders. We frequently hang pieces and overlook simple tactics. Such errors would be much rarer at slower time limits. Sometimes it even comes down to who can make the most nonsense moves in the few remaining seconds. That is a legitimate way to defeat someone that has slow reactions, but it is not really what chess is supposed to be about.
Many chess tournaments have a prize, sometimes being over 1,000,000 USD (or 463,254,898,900.00 Venezualian Bolívares.
what? no
no? what
I’ve seen tournaments with prizes of $1000 and if you get it you’ve basically broke even with travel and hotel costs. The biggest one was probably Chicago open but that didn’t even come close to $1M total prize fund
In England in the 1970s and 1980s weekend Swiss tournaments often had a first prize of several hundred pounds and quite decent amounts of money for the minor placings. It was possible for a strong player to supplement the income from their job or business quite nicely by playing in a couple of tournaments each month. There were a lot of tournaments too, so often players would travel from home and did not incur hotel costs.
When I shared first and second places in an Open tournament back in 1984 my prize money was 225 pounds. To put that in perspective my weekly wage then was just 40 pounds. Since then the cost of hotels, travel and tournament entry fees have risen enormously as inflation has taken its toll, but the prizes in many (most) tournaments are not much changed since the 1980s. When I won another tournament in the early 2000;s my prize was ... 180 pounds (which was less than I was then earning in a couple of days). The lucrative time that started in the 1970s was a result of the interest Bobby Fischer had brought about, which attracted a lot of sponsorship. Much of that sponsorhip has disappeared. In particular local businesses used to regularly donate to the prize funds. Few continue to do so.
I understand. It is not like football or tennis (or even darts and snooker) which can be enjoyed by just about anyone spectating, whether they understand the game or not. To enjoy watching a chess game you have to play yourself. You have to be very strong to understand a modern grandmaster game. I ertinly don't understand very much of what is going on until it is explained to me. Even to understand a typical commentary on a GM game you have to be a much better than average player..
As has been said, these days you have to win one of the main prizes just to cover your expenses. Only the very best players make a good living from tournament play, and not from the tournaments that the rest of us play in. Most GMs and IMs, if they are chess professionals, must also have other chess-related income, forexample from teaching and coaching, from writing books, writing articles for the web and for magazines, running a blog or being employed as a commentator on high-level events.