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Perhaps the issue is with those who sign up and drop out more than with those who ride slowly.
I don't think this is a problem for Mike. He knows that x% will get injured, have work issues, get cold feet, etc and factors it into his planning. Like airlines, or Travelodges, deliberately overbooking according to a known yield curve.
Perhaps the issue is with those who sign up and drop out more than with those who ride slowly. But in every case there was probably good reason.I think the selection procedure which seeks to eliminate such drop outs, is the way to go.