It's definitely a fast pace kind of event, I wonder if this is just a mistake or they designed it to be that fast. I think the starting stack should be huge rather than start it at 10k, by level 9 I think this will be all over. It's their first time I guess to held an event for Bitcoin talk users and that's still a question. With 13 hours or more to start I think they need to hear the community suggestion here because it's really a weird blind structure.
The tournament will most likely last an hour and a half to two hours, considering that there are 5-minute blind levels, and 10k chips as a starting stack should be enough. As I mentioned earlier, this is fine, given the small number of participants and the size of the prize pool.
Imho, there is no point in having 10-15 minute blind levels in such a tournament, as it would take too long.