Welcome everyone to the 7ypegeist! Thank you so much for signing up to learn more about our Ethereum based film production and financing company, 7ype.
I'm sure that many of you have already taken part in our ICO pre-sale. This was a huge success, and over 8000 7ype coins were sold, over 16% of our allocated coins for sale. Even if we don't sell a single coin more, we already have enough to get things moving nicely and produce all the films mentioned in our early "simplified" white paper. Thank you so much for everyone who has purchased coins so far, and also for all the great messages of support that we have received via email and twitter. Its wonderful to see that so many people love the idea and have faith in what we are doing. Truly humbling and I and all our core team could not be more grateful.
We are now in the full ICO launch stage, and until the 24th of July (midnight BST) coins can be bought at 20% off, at 0.08 ETH each, so for those of you that haven't bought yet, now is a great time to buy in, and for those who have bought and want to pick up some more, now is the best time to do so.
Many ICOs simply withdraw all of the money raised to FIAT and start spending right away. For us, this was never our tactic. We have taken the money in the pot and put it into secure holdings, split between Ethereum, Bitcoin, Litecoin and Dash, as well as some in Gold, Silver and market tracking funds. This means that the pot can benefit from the massive increases in value that we expect to see in cryptocurrencies over the coming months once the changes with Bitcoin are implemented, but is also safely guarded against a major crash damaging the pot. We are keeping an active and detailed ledger of how much is stored where and are monitoring it daily and following market trends to hopefully grow the value of the pot.
Of course, companies require some fiat to function, and we have so far withdrawn just over 80 ETH for these purposes. We have used a small amount of the money to start an official limited company, start a business bank account, get some insurance, pay some legal fees, pay some running costs for the films currently already in production, paying off some deferred payments and clearing minor debt attached to films brought on to the slate. More excitingly, we have bought a full set of six professional cinema lenses, a Ronin 3 axis gimbal and a top end 4K stabilised drone. These are things that we usually rent for top end film production, but by now owning them we can both save money (meaning films return profit faster) and even bring in extra money to the pot through renting the equipment to other local filmmakers when we aren't using it. We have also bought some key props, stock footage and music for our films.
Whilst we will still be renting top end cameras for our higher end shoots (to buy them costs tens, sometimes hundreds of thousands), by sheer coincidence, one of our most trusted directors of photography, who we use on many projects and planned to hire for many of our future films, has just bought his own RED Dragon camera, the latest model. The fact that he now owns the camera will save us a lot in equipment rental fees and help reduce the budget of our features even more. We own several top end 4K Mirrorless cameras for use on our lower budget (category #1 and #2) films, and the cinema glass we just bought will mean that these will make excellent B and C cameras on the RED shoots as well!
I have been actively liaising with multiple producers and directors that I know and trust to bring their film projects on to our slate, to enure a quick turnover of many films, and also to ensure that the slate is not just "my" films, but a truly diverse portfolio. I have even been offered a deal to bring in a film from a truly A-list American director and producer, should we raise enough money to make this a possibility. Of course I can't mention names yet, but the fact that literally one of the most respected directors of all time is even considering being on our slate tells me that we are on to something potentially huge for the industry.
One last quick note: I apologise sincerely that we have not yet updated the website or the white paper, beyond minor changes to fix typos, clarify certain points etc. I had a whole new website created, along with the longer white paper, and a video presentation all prepared for the full launch on the 17th. However, I wanted to clear it with a few colleagues to make sure I wasn't pushing any legal limits or breaking any trade secrets. As you probably can tell my my initial white paper, I'm a very honest and open guy, but there are definitely elements of the industry that people higher up than me want kept quiet.
I was contacted anonymously by a Twitter account, with a name related to the secret codename of a big budget Hollywood film that I worked on. You may have seen me conversing with them via Twitter, however, suspiciously they deleted all their tweets after I had read and replied to them (however, I was clever enough to make a copy of them, incase this was ever raised in the future). I have no proof who they were from, and it may just have been an anonymous troll trying to scare me, however, by names they mentioned and details they knew, I am inclined to believe they were real, but purposely staying anonymous to avoid legal responsibility further down the line. The jist of the messages was that they felt that the white paper broke some NDAs that I had signed, and that I was allegedly trying to raise money by exploiting their brand. I stated that as far as I was aware I had not broken the terms of any NDA I signed, and I was not trying to exploit anything other than to accurately show that I am active in the film industry and have worked on many projects. However, for safety and out of courtesy, I agreed to remove all references to their films from the white paper.
I do not believe that anything in the longer white paper or video are in any way liablous or breaking of any NDAs. I have of course sought legal advice, and it seems that there is no danger of being sued and losing the funds donated. However, this communication got me thinking, and considering how much money has been raised already, I need to be extra careful not to open the company to any attacks. I have therefore decided to go back and re-write certain portions of the longer white paper and make some alterations to the video presentation. I hope that the new version will be uploaded within the next few days and I thank you for your patience. I hope that you all agree that this was the best thing to do.
Just to be clear, although I am sure that all of you understand this any way: Just because I have demonstratably and provably worked on films for other companies before, I have mentioned this previously to show that I was experienced in the film industry, not to imply any affiliation between a major company and the 7ype project. In fact, I am explicitly trying to do the opposite of this, by helping completely independent companies have access to funds and equipment to allow them to produce original independent films outside of the studio system. I am sure that anyone here who read the white paper understands this!
All in all though, I am incredibly positive about the direction in which 7ype is heading. If it did indeed raise the attention of a major film company, that just means that our new model is something that they are interested in or afraid of. And that is a very good sign for growth. Add to this the numerous meetings that I have had over the last 2 weeks with producers, directors and distributors wanting to use our platform and our slate, and I am confident that 7ype will have a bright future. This is all thanks to you guys, the supporters who have contributed your hard earned ETH, or shared and supported the project via social media. From the bottom of my heart, THANK YOU everyone. Seriously. Thank you.
Hope you all have a great day!
All the best, Samuel Victor (twitter: @samuelvictor @7ypecoin)