The registration is still really cheap. I'm surprised they don't just raise it by $5 or something and still make a profit if 5000 riders is their current break-even. I don't think anyone's going to reconsider doing the ride because it's $5 more expensive.
The border crossing is definitely a PITA, though. It took 2 hours to get through last time I did it. I imagine the belief of the need for passports now is what contributed to the decline, not fears of being robbed. Not everyone has a passport and the process to get one isn't something many people would go through just for this ride.
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If ignorance is bliss, shouldn't you be happy?