This contest sounds seriously cool and possibly useful, but it looks like a valid entry would require the pseudocode for a general intelligence, which as far as I know is beyond the capability of anyone reading this post.
I expect at this stage, you'd be allowed an occasional "and then a miracle occurs" until we work out what step two looks like.
The sheer length of GiveWell co-founder and co-executive director Holden Karnofsky's excellent critique of the Singularity Institute means that it's hard to keep track of the resulting discussion. I propose to break out each of his objections into a separate Discussion post so that each receives the attention it deserves.
Other objections to SI's views
There are other debates about the likelihood of SI's work being relevant/helpful; for example,
Unlike the three objections I focus on, these other issues have been discussed a fair amount, and if these other issues were the only objections to SI's arguments I would find SI's case to be strong (i.e., I would find its scenario likely enough to warrant investment in).