Welcome back everyone, and welcome to any new subscribers!
So, as some of you will have seen via our Twitter feed (http://www.twitter.com/7ypecoin) its been a bit of a mixed week, but there's exciting stuff to tell. Firstly, I should say we've had quite a few new orders for 7ype coins, so some of our advertising has clearly worked. We've been listed on a few new websites and had some social media pushes, which have seen some success - thank you to everyone who bought coins!
On a personal level, there's been a lot of stuff to work through this week with fam-ily things, illness and moving house to contend with, whilst at the same time juggling meetings, phonecalls and organising filming. I've said this before but we are seriously considering whether to spend some money hiring a full time PA or secretary to answer phonecalls and emails and keep everything organised - I've put this off in the meantime as want to spend our money as wisely as possible, but once we actually start filming all the projects full time I think this will become a necessity. Meantime, we've not been as fast answering tweets and emails as I would have liked, although everyone has still got all their coins delivered on time and we seem to be back on track now. Thank you all for your patience!
Apologies, this is mostly a "business/admin" update rather than a "creative" one. Another email will be coming tomorrow detailing more exciting things!
The plans start a big marketing campaign were slightly scuppered by an unforeseen issue - the quote that we had previously for advertising was valid, but due to some big ICOs going on at the moment, a lot of the advertising space on the sites we had targeted (for example Etherscan) is completely sold all the way through August til after our ICO is scheduled to end. This has left us in an awkward position where we have paid money for advertising, but won't get all the advertising space we have paid for until after the ICO is over, which obviously is no good.
Similarly, the company that we paid to market the ICO to middle and far eastern markets gave us a quote and has taken our money, but not yet started the marketing push proper. They have not answered my emails and I assume they are rather swamped at the moment (which I sympathise with). They came highly recommended and have worked on big campaigns in the past, so I trust them to do the work, but the timing seems to have caused some reliability issues.
Excitingly, I have been contacted by several YouTubers who cover crypto-currencies, who want to feature 7ype and interview me. This is great, and potentially has a lot of scope, I know a lot of our initial investors came from watching Crypt0s' News on YouTube, and it will be great to promote 7ype and answer questions. Annoyingly, I have been unable to do so for the last week due to travelling around for unforseen family and business stuff.
I've had some frustrating teething problems with our longer white paper and certain details on the website and videos - essentially its a mix of people saying one thing, then changing their mind at the last minute, or wanting to change terms when it comes to signing contracts. I need to do minor changes and rewrites to reflect current changes. I want to air on the side of caution to not open us up to legal questions, breaking NDAs or revealing details too early etc., after the initial warning we previously had. This business is really pushing things in a new direction and trying to change the industry for the good, but its becoming clear that some people higher up see it as a threat, and want to micro manage things to slow down progress. We can overcome this easily, its just frustrating, as I'm a very open person, and am really excited about what we're doing, and I just want to tell everyone everything, but I am being careful not to step on anyone's toes!
What this all leads me to believe is that it would be highly beneficial to everyone to extend the ICO period. I'm considering extending it to the end of September instead of August. This will allow us to take full advantage of the advertising and promotion from the opportunities above, and to be able to provide detailed white paper updates, video presentations and the like on a week by week basis as more things are 100% confirmed.
Though we have already raised a large sum of ETH (as detailed in the counters on our site), the more we can raise, the more films we can fund at once and the quicker we can start the larger films, so this works to everyone's advantage in that it should increase the value of the coins quicker. There is no change to the limit of the coins for sale, it is still capped to 50,000. Once these are sold, the ICO will end as planned. There will be no change to the value or price of the coins. We are just literally proposing to give us another month to reach our target.
I am aware that some people who are in a hurry to start selling/trading their coins, and those who are wanting to start spending them supporting films may be concerned about delays. These people need not worry.
We are still 100% having the website go live to support films on the 27th August - you'll be able to start using your coins right away, and the first film will be released just a month later as promised (details on that one in tomorrow's email).
As for listing the coin on exchanges, come the 27th we will be contacting all the commonly used exchanges to ask them to list 7ype coins. As we have previously explained, of course not all exchanges will agree to list 7ype coins on their sites, we have no control over this, and they may consider the coin too small to bother with initially, although hopefully this will change as the coin grows and there is more demand for it on their sites. We have been advised by others that this process takes around a month to organise, so this would tie together well with extending the ICO by a month.
Because of changes of plans and the ever evolving amount of people joining the project I need to update the info and rewrite some sections of our site and white paper. I'm finally back in the office now (though its 10pm at night as I type this!), so I will be getting an early night and will spend all day tomorrow getting it all relevant and up to date.
I mentioned in the last email that I will be contacting more regularly, and will send another email tomorrow evening with information about some of the films and other directors and producers joining our project, and hopefully it will be a lot more exciting email! Thank you once again to everyone for your encouraging words and continued support for 7ype.
Hope you all have a great day!
All the best, Samuel Victor (twitter: @samuelvictor @7ypecoin)