I am not looking to pay $20. I only made that as an option IF I had to pick one of the designs. 4-5 hours? I did the initial sketch in 5 minutes. If I receive designs that are not usable in any way, I would just do the design myself.

I think you are misunderstanding how markets work. It's true that the type of work I receive is dependent on what value I have to offer. BUT, I am merely offering to pay someone, IF they voluntarily decide that my terms are acceptable. I am NOT forcing anyone to do work for me (at a pay that is ridiculous to you), as both your posts seem to suggest. IF I did, then my post would warrant the need for criticism. But, I am merely someone providing PAYMENT to someone else, at a price I can afford. If not for me, then my economic contribution would not have existed, even if it seems "too small" for you; it can help someone else.

My factors regarding my budget:

Can I do this work myself? Yes, but I'd rather spend my time with other aspects of the business. I will do it myself if I am approaching the deadline.

What have others paid for similar work (of this quality)?
Just one found at the very top of /r/designjobs https://www.reddit.com/r/DesignJobs/comments/32zn0p/looking_to_pay_for_a_simple_logo_design/ 4 pms received, and his payout was $50 as well. I have also come across others receiving PM's for $20 logo's too.

Because of budget limits, how much will I pay for a temporary logo now, and how much more will I pay for a good logo later on? I can only afford x right now. But, especially if the site takes off, I will invest more into the design later on.

Please don't comment about how much you think you/others are being undervalued in my post. I am merely someone who is OFFERING to PAY, IF someone AGREES. If you think the community is being undervalued in general, take it somewhere else. But you are being very inconsiderate to someone who is looking to pay someone else, an amount that is agreeable to all parties involved.

That's how the free market works.