Bitcoin Forum

http://imgur.com/JX36Q.png (http://coinabul.com/index.php/coinabul-huge-sale-six-month)
Coinabul (http://coinabul.com) is exploding with growth! (Hence the explosion! ;))

We're celebrating our sixth month anniversary by giving major discounts to gold and silver.

Use coupon code SIXGOLD to get 1% off your gold order when you purchase 3+ items.

Use coupon code SIXSILVER for a 5% discount on silver when you purchase 3+ items! (http://Coinabul.com)

Coolbeans.

Already bought some, as you know!

And shipped in like 5 hours.  :O :O

Cool! I might pick some of this up.

Do your prices ever change to reflect the BTC<->USD market, or have you already purchased these items and you have to sell at x price? I don't mean to call you out (I'm sure others have mentioned this), but your prices for bullion are > 20% over spot... What gives?

how else do they make money?

local coin shops that I go to sell above spot too, its not new.

Our prices update every minute of every day to reflect both markets! :)

Also, the price over spot reflects both the manufacture cost of the coins/bars and our overhead.

We're still a small company, so our overhead is large, but we're still very competitive with USD dealers.

I was just confused... Most dealers near me aren't charging 20% over spot on bullion. That's the range I see for UC and graded coins...


Thank you for the answer. It makes sense, I was just curious. :)

I've been checking out your listings since day 1 since I've got lots of bitcoin to spend but I can get a much better deal with APMEX.  I'd love to do business directly in bitcoin but not enough to lose $2-300 on every order plus uninsured shipping ???.  I'm sure it's hard to start up a business but I just wish you could improve your prices just a little to be competitive.

Is this a whole month of May celebration? how long can we expect these coupon codes to work?

usually, junk sells at spot and they buy below, as they have to melt it, ship it, all that crap. However, chunks of silver are all ready and selling below spot makes them lose money as they have to buy it at spot. The dealers are sometimes the 4th or 5th person to handle the bullion, and as such there is say 4% per person it can add up.

The coupons last until May 11th.

Oh, and we'll be doing some more sales during the month of May :)

Cheers!
-Jon

I wanted to try placing an order but can you do a better deal on shipping.  I don't want to send $5k worth of bullion uninsured.  But seriously, $150 for international shipping?  How are those costs calculated?  APMEX charges $35 for 2-day Fedex shipping to Canada insured for any amount.  Is there any reason you can't match that?  I don't mind paying a 1-2% extra to support the bitcoin community but the shipping totally kills the deal.

We've been getting a lot of orders! The sale won't last long, get in before BTC dips anymore! :)

Would you please respond concerning shipping?  Does it really cost $150 to insure shipment to Canada?  No cheaper option??  Please don't just ignore and cut off your potential Canadian customers.  There are people sitting here with thousands of BTC burning a hole in their pocket if this can be addressed.

We offer the cheapest shipping possible. It's related to how much gold you order as well. We get way better rates than the public does.

We are still improving too! We're working on some new shipping processes that will enable us to send fully insured parcels worldwide for lower rates, which will be ideally completed in a month or so!

For what it's worth, in my silver orders shipped to Canada from coinabul I pay about 7.5btc insured for the equivalent of less then $1000us, one coin over and it doubles.... Try playing around with order size and you might get a smaller s+h.  Of course you may be ordering significantly more then I do.... Especially if you're buying gold.

I choose to do frequent smaller orders to spread btc value risk over many transactions.

Why don't you use USPS Flat Rate shipping with tracking? AFAIK you can fill them with cement and they still have to ship it. The most it would be to Canada is about $45 USD insured. That's a 23"x11"x3" box, that's a lot of gold!

How does "uninsured" shipping work?  I'm willing to try this option but I'm a bit concerned about mail theft.  Would there still be tracking with the order?  Also, would you declare the actual value?  I think that would be a very bad idea.  The only time I ever declared a value higher than the insurance value was the only time I ever had a shipment disappear on me so I definitely wouldn't want to have gold coins declared at $1600 in that case......

You get tracking on all orders. Uninsured, I would not suggest it. We declare actual values on the invoice to get it through customs. Other than that, the packaging is very, very discreet.

In regards to pricing on american silver eagles...

If you were somehow able to meet the qualifications to purchase directly from the mint, including the 25000 ounce minimum order, you would still pay 2 dollars over spot.  Then those guys sell them again marking them up even more, so it really isn't possible to pay spot for an American Silver Eagle unless you purchase it from someone who doesn't know what is going on.

Also, paying with bitcoin makes it easy to purchase for those of this on this forum and demands a slight premium.

I will say the shipping is fairly slow at times... But are you guys trying to sell the coins as soon as you receive them.  I don't plan on doing anything with mine for decades anyhow, they are just a store of value that I can give away when I die.

I have had a few successful orders now and just placed 2 orders for 5 ounces each for the sale.  The savings basically made it free shipping.

The checkout is very smooth too.

Can you buy silver cheaper... Yeah, but not with bitcoins.  This is a great way to cash out bitcoins that you don't need the cash for right now.

This information may be available, but I can't find it...

What do the coins ship in? I don't see any specification on the coins about grade (I'd be fine with just UC), but I would like my coins to be in a plastic container of some kind... How are they sent to me?

My silver maples show up in a plastic sleeve... Not sure if it's still the case but you might get the whole tube should you order 20/25 buffaloes/maples.

Yeah all my coins have come in plastic flip cases.  The American Silver Eagle and the Candian Silver Maple.  The bars have all come sealed in plastic... I am assuming the way they come from the manufacturer.

+1 this for me too

v v v


This is correct. All our products arrive as they come from the manufacturer. If you have any specific questions about products, I'm sure I can find their packaging info for you!

Sale ends tomorrow! Buy now before it's too late!

I ordered a 335BTC purchase a week ago and payed promptly.
Since then, no shipment from the seller. Doesn't answer either.
A friend of mine is experiencing a 3week delay for 111oz of silver bought and payed at coinabul.
I have made several gold/silver purchases in the past and this is the first time I find such bad attention.
I am very very uncomfortable about this. I have just asked for the tracking ID of the shipment or a refund.
TX: https://blockchain.info/es/tx/94400328781a30a98480240f6459b9dfe95cea3bc31599814f0294996902d42d

Where did you try and contact us?

Please send me an email: Jon [at] Coinabul.com and I'll sort you out!

Thanks,
-Jon

I just did, with the details of the two pending orders:

- 111OZ of silver purchased on January 29th. Payed 205BTC. (Almost 1month ago)
http://blockchain.info/tx-index/47471371/6ee2da68d9d9f818e98b3bc9385190e39405f40c0733f33d271756a651fa10e9

- 5OZ of gold purchased February 17th. Payed 335BTC. (A week ago)
https://blockchain.info/es/tx/94400328781a30a98480240f6459b9dfe95cea3bc31599814f0294996902d42d

So, you have 540BTC worth of unshipped metal, and we have nothing. And we are extremely unhappy.

If you are out of stock or are experiencing a provider shortage, you should not accept orders or at least refund them if you cannot fulfill them in an acceptable time lapse. I have read the emails you exchanged with my friend who ordered 111OZ of silver and you claim to have delayed the shipment because one silver coin was not available from your providers. I don't believe you.

All dealerships ship the metal as soon as the payment from the customer has been received and the price has been locked for the transaction. If the customer pays later and the metal price has changed, the dealership modifies the order and charges the new metal price. This is why shipments cannot take more than 24hours once the payment has been received.

However, what you are doing is increasing your profits by delaying order processing if it suits you, and of course, charging the dealership premium over the spot price anyway. In the meantime, my friend  has gone one month without his bitcoins and without his silver. You have benefit tremendously from the rising bitcoin price and falling silver price by not fulfiling his order on time, which I find absolutely outrageous and disgusting.

What should have been a sale profit of a 4-6% premium you charge on every order above the spot price has become a 35% profit, and my friend is still locked to the purchase price he agreed a month ago, watching the bitcoin price rage up and the silver price plummeting and suffering a rageful opportunity cost.

In other words, you are speculating with your customers' money. You force customers to lock on a purchase price today but deliver the purchase whenever you want in the future, making your customers acquire a reward-free counterparty risk against their will, because they have already locked on a purchase price and have nothing to win from a delayed shipping, but you do. That is what a future's contract is about, but only you get to collect the profit and make the customer bear the cost. You are doing a short-sale covered by the customer who already payed for the order.

Today, my friend could purchase 175oz of silver instead of 111oz he purchased a month ago! So, if you ship tomorrow morning, you would have sold 111oz at the price of 175oz, which is again, outrageous. To be fair, you should be shipping 175oz and account for your delay according to the current market price, just as the customer does if he pays hours after locking a purchase price at your website.

How long are you going to wait to fulfill the order? And most importantly, when does it become fraud?
Does it become fraud after one month has passed without shipping? What about three months?
I believe it becomes fraud after 24-72 hours after the payment has been received.

Just ship both orders asap, and I mean monday morning. Don't keep our money and make us wait.
If you cannot make the shipment for whatever reason, do the right thing and refund both orders.

Customers beware, make the seller commit to a fast shipment before purchasing. Or better yet, sell your bitcoins at MTGox and go find a dealership which does not force you into an undetermined-expiration-date and reward-free future's contract or to cover his short-sales to make an extra profit.

This is another customer's order which we are sorting out with him. We've updated him on what is going on.


I'm currently emailing back and forth with your friend, I think he might request us to ship out all products but the silver we've been having issues getting. We'll oblige that as long as the insurance company doesn't charge us too much extra.


Have you ever ordered from another online metal dealership? This is not how it works at all.



Everyone gets angry when the BTC price rises, but when it falls we have the same shipping delays. We liquidate BTC immediately, if we didn't we would have gone out of business due to exchange risk and volatility long ago.




To do what you are requesting would be insane. We would make an order for an unknown amount of product and once they're ready to ship liquidate the BTC? We liquidate BTC instantly. We hold USD because that's how we can purchase more inventory.


We have shipping estimates on the site. Every once in awhile we have a longer delay. We normally include a little gift with those later orders because of the hassle. There is no fraud. There is a startup dealing with an antiquated metals system.

We are shipping them as soon as possible. Your order isn't even late yet.

When you pay bitcoin for a product, you agree to its price and delivery conditions. Sellers can't be responsible for your financial decisions. If Coinabul knew where the price would be in a month, they wouldn't need to do any business other than speculation. They don't have incentive to delay shipping IMO.

But they do. It has  been a month already. Imagine going to a store to buy something and being told: "Thanks! We are out of stock, but give me your money and come back in a month, maybe we'll have your order!".

Yes, quite a lot. Once the payment arrived items got shipped immediately.
And I have bought a LOT of metals from different dealerships.

I can see in your website that the order has shipped, thank you. Have you shipped the 111oz of silver too?

It's being nearly a month. When will I actually get my order or a refund?

Send me an email with order information.

Thanks,
-Jon

I did three days ago.

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| COINABUL READ THIS!
| VERY IMPORTANT!
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Problems seems to hunt us again. Your shipment has been stopped at customs because it was shipped without the purchase receipt. I have been contacted by FedEx and they have told me that the shipment cannot go by the customs without the proper purchasing receipt attached, and they claim to have tried to contact you several times this week about this without answer, they've left you a voice mail message.

I have also tried to call you, without response. And I have emailed you, without response.

FedEx is shipping the package back to you tomorrow, unless you provide them with the purchase receipt today.  I tried to send them a receipt but mine was no good, they need yours, which should have been attached in the package.

Tomorrow is the end date for FedEx, so I urge you to solve this problem. If not, you'll have to pay the return of the package to FedEx and ship it properly again, incurring in paying three shipments instead of one. It is in your best interest to send them the receipt as soon as possible.

The package has been retained in customs all week BTW.

I see some people are having issues, but I received a small gold purchase earlier this week.

Jon [at] coinabul? Did I not respond?

My issue here is that I don't know who you are in relation to our order system. If you send me a PM with your order number I can figure out what's up.

Cheers,
-Jon

Shoot me an email: Jon [at] Coinabul.com ASAP. Put CUSTOMS ASAP in the title, I'll handle it as soon as it comes in.

I PM'd coinabul about 12 hours ago and I told him how they could quieten down all the people on here yelling scammer at them (There is a lot of them if you just research). 
Jon, that is still is your best bet here.  Just clear the air and let all your customers know what is going on.  I've heard thru the grapevine you've told a lot of people you simply ran out of stock and got behind on orders and need to catch up.  I pray that is true since you have about 85 of my BTC as well.  However, no one has responded to my requests simply asking for a status update and I've emailed Jay PM'd you, used your website messaging service as well as left a voice message. All the people saying they have been scammed and haven't received their metal are making me and lots of your other customers who are waiting patiently very nervous.  It seems it would save you a lot of time and trouble answering all those requests if you would lust plainly tell all of us here or on your website what the hell is taking so long, ok i'm starting to get worked up here, but crap even BFL is smart enough to send out twitter updates, etc to help keep the wolves at bay.  Help yourself out here and my sanity for my precious and hard earned BTC that I sent you.
Disclaimer: My order was two weeks ago on the 14th so today was supposedly the 10th business day by which they were supposed to have been shipped.  So currently my order is not that delayed, but as to my point, all the unanswered correspondence and negative reviews here are worrisome to me.

Still nothing for me... 1 and half months so far, only two broken promises of it will ship next week, then it will ship the next week...

are they trustworthy atm?
Was the missing orders situation solved?

I'd stay away. He doesn't have a very good track record. See his trust feedback.