Offering 1m chips for $10 severely damages the perceived value of the chips, and thereby damages the value of playing on this site.
1m chips only gets you a rank of 10,000, and when I first started out in 2014 I’m pretty sure it got you to ~1,000. The ranks themselves don’t matter, but it shows the level of inflation that has occurred (the top 3 players have over 10b, where 4 years ago number 1 had 4b). On a free chip site, it is difficult to create an environment where players actually try to win. Replay has been successful (in part by charging a fairly large amount to buy chips) at creating a competitive site with free chips, at least at the higher stakes (the skill level may not be high, but at least people seem to be trying). But enabling new players to buy chips for so little will increase the inflation, which will make the high stakes more like the duck pond as higher stakes players win those chips.
The impact of the inflation is difficult to explain, but here goes: at 5/10 ring, nobody cares and everyone raises and goes all in because they can go to the bank and get more chips for free. At 500/1000 players can still buy chips to play these stakes (~2m) for very little or easily win them at the lower stakes by showing minimal effort. But adding an influx of let’s say 1,000 players who buy 1m chips will add 1b to the economy, which they will immediately lose to more skilled players, which will devalue the play at stakes like 20,000/40,0000 where winning or losing a few million chips actually motivates players to try. Once the economy is padded with these new chips, the value of 20000/40000 looks a lot more like 500/1000 did before. This inflation is happening all the time anyway (as I have posted about before) with free chip bonuses, promotions, and the lack of rake in ring games, but this promotion is a particularly bad idea.