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Author Topic: Anyone using BTC to buy Silver/Gold on Coinabul?  (Read 13537 times)
truckingeek
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July 27, 2013, 02:14:59 PM
 #101

Sounds more like it's the attorney who registered all those corporations. Or some tax fraud and/or money laundering.....

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Amaze
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July 27, 2013, 04:29:49 PM
 #102

Why does anyone still buy from Coinabul? This thread and Coinabul's trust rating should speak for itself.

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July 27, 2013, 09:52:28 PM
 #103

Did a little digging, coinabul is run out of a house in Cheyenne WY.  http://goo.gl/maps/g6psL  Gotta wonder about the 321 area code...wait, sat phones all have that area code.

Pretty sure this is a scam.  Ship just enough orders to have a semblance of credibility, pocket the rest.  Or delay orders long enough to turn a major profit when prices shift.

Either way, I for one will never use their service again.  Good news is, given my line of work it won't be long until I'm in Cheyenne myself.

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HECKLE 4 SHEKEL
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July 31, 2013, 07:48:11 PM
 #104

It's been 2 weeks since I sent payment and still no tracking number. They don't like shipping to PO boxes and that's the reason they gave for the delay.

For what it's worth they have been pretty communicative though.
Update: 1 month and my order still hasn't even been sent yet. These guys are full of excuses, every week it's something different.

Quote from:  Coinabul - Alessandra
All major bitcoins businesses have been boycotted by most major US banks. So at the moment its quite difficult to find an institution or person that will exchange bitcoins. At the moment we are working on a solution.

It sounds like they don't like to give refunds either:
Quote from:  Coinabul - Alessandra
To be honest it's taking a few weeks to process refunds.
...
I'll ask [Jay] again but most likely it will take  few weeks ... We haven't refunded some customers who have been asking for a few weeks.
truckingeek
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July 31, 2013, 11:19:51 PM
 #105

Well they finally shipped my order on July 29th...from Encinitas CA.  With a signature required.  To my house in Florida.

This is really super extra awesome since as I've mentioned I'm a long-haul truck driver, currently sitting in Dallas TX, and will not be home again until probably the end of August.  I really hope they hold the package at the post office because otherwise it'll be sent right back where it came from.  I'll most likely have to pay to have it shipped yet again, and given the way things are going I wouldn't be surprised to have to repeat this cycle a couple times.

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August 16, 2013, 10:12:21 PM
 #106

Did you ever get your order, truckingeek?
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August 21, 2013, 12:08:46 AM
 #107

I placed an order with coinabul for 4 ounces of silver because I had a fair experience with them in 2011 and I didn't think to check his current reviews. I placed the order seven days ago and haven't heard anything since. My hope is that he is just slow and non-responsive. I'm not in a rush to receive the silver, but I do expect him to ship it!
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August 25, 2013, 08:23:53 AM
 #108

I placed an order with coinabul for 4 ounces of silver because I had a fair experience with them in 2011 and I didn't think to check his current reviews. I placed the order seven days ago and haven't heard anything since. My hope is that he is just slow and non-responsive. I'm not in a rush to receive the silver, but I do expect him to ship it!
Good luck man. It's been almost two months since I put my order in and nothing has come in yet. It has been a very frustrating situation because the purchase was a big one. Fuck these guys.
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August 26, 2013, 12:52:35 AM
 #109

They are using the MTGox prices for BTC / USD so i would expect a shipping delay comparable to that of getting USD out of MTGox. Otherwise there would be a really attractive arbitrage opportunity in buying gold there.

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August 31, 2013, 05:32:07 AM
 #110

just keeping this thread updated with coinabul communications for others who might be in the same situation. Jay can sometimes be reached on bitcoin-otc, his handle is coingenuity.

Quote
[21:27] <coingenuity> was there something you needed help with?
[21:28] <blasus> YES! It's been 2 months since I put my order in with your website sir. It would be awesome to get a refund
[21:28] <coingenuity> ah, it's a bit difficult at the moment - i assume you got an email from me about the banking situation in bitcoin?
[21:29] <blasus> The email seemed to express the difficulty you have with filling orders. Fine, but what is stopping you from issuing refunds?
[21:31] <coingenuity> the same inherent difficulty.... banking has basically shut down in bitcoin-land, so it's extremely difficult for us to move money in any direction, in or out, and any funds are stuck since every bank under the sun has told us "no accounts"
[21:31] <coingenuity> even IAFCU has shut down bitcoin clients as of the last few days...
[21:31] <blasus> So you cashed out your BTC and your accounts were frozen?
[21:32] <blasus> my BTC*
[21:32] <coingenuity> it's getting pretty hairy, but our negotiations are in the final stages and everything should start flowing smoothly in the next few days
[21:32] <coingenuity> we don't hold BTC for long periods, due to the extreme volatility + risk of holding huge amounts
[21:33] <blasus> So you did convert it into cash.
[21:33] <coingenuity> yes, when you purchase metal we are giving you the metal in our vaults...which must be continually restocked
[21:34] <blasus> When can I expect my order of 400 oz of silver?
[21:34] <blasus> Why are smaller orders getting filled faster?
[21:34] <coingenuity> but since banking was shut down for /everyone/ in bitcoin all at the same time, with no notice, all of our funds got stuck in-transit, and we can't pay FedEx without banking
[21:34] <coingenuity> they're not, anymore - the vaults are dry right now as we do our best to work around the problem
[21:35] <coingenuity> various governments are waiting on us to pay for inventory, as well...
[21:35] <coingenuity> so it's a shit situation, but as i mentioned our negotiations with the banking industry are coming along VERY well and have reached the final stages
[21:35] <blasus> bitspend had their accounts frozen and they were able to clear their docket or issue refunds in 48 hours
[21:36] <coingenuity> so as soon as those deals are put in contractual form, we're good to go for having our next batch of inventory out in the next few days
[21:36] <coingenuity> well, they got extremely lucky - we are not nearly as fortunate
[21:36] <coingenuity> anyway, negotiations are going well, and nearly complete... we should have everything sorted in the next couple of days.
[21:37] <blasus> Does that mean within the week? You will have cash flow within a week?
[21:37] <coingenuity> my apologies again for the ridiculous situation, it's been really stressful on me...
[21:37] <coingenuity> yeah, outlook is as soon as 3 or 4 business days
[21:38] <blasus> Can I quote you on that?
[21:40] <coingenuity> no, if the situation were something i could exert more influence on, that would be fine... but you know that we as a tiny $1bn market are at the mercy of a $100 TRILLION dollar industry..
[21:40] <coingenuity> so it's not as if i can go force them to do my bidding
[21:40] <coingenuity> but yes, the situation looks highly optimistic at the moment
[21:41] <coingenuity> to put it bluntly, in fact, i'm quite optimistic that we'll be a good solution for people with 'stuck' funds in bitcoin as the situation worsens in the coming months
[21:44] <blasus> Alright, thanks for your time. I will continue to wait. But you have 90.87 BTC or 400 oz of silver that belongs to me. If the situation is stressful for you please know that it is also aggravating for your customers. I hope you are doing your best to resolve your obligations. Thanks again
[21:45] <coingenuity> np - there's a reason i'm sitting in the office at 10PM on a friday  Wink

Did a little digging, coinabul is run out of a house in Cheyenne WY.  http://goo.gl/maps/g6psL  Gotta wonder about the 321 area code...wait, sat phones all have that area code.

Pretty sure this is a scam.  Ship just enough orders to have a semblance of credibility, pocket the rest.  Or delay orders long enough to turn a major profit when prices shift.

Either way, I for one will never use their service again.  Good news is, given my line of work it won't be long until I'm in Cheyenne myself.

owner-name: BTC SOFTWARE ENGINEERING
owner-street: PO BOX 235985
owner-city: Encinitas
owner-state: CA
owner-zip: 92023-5985
owner-country: US
owner-phone: +1.2135997285
owner-fax:
owner-email: papercoin@coinabul.com
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August 31, 2013, 05:46:17 AM
 #111

Amagimetals. They are fast and professional

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truckingeek
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September 06, 2013, 12:40:57 AM
 #112

I did finally receive my order...had to make a special trip back to Florida to get it from the post office which thankfully hadn't sent it back yet.  Probably cost five times the value of the order just in Diesel fuel.

The order was quite well packed; each coin in its own little plastic sleeve, the whole lot in a zipper bag wrapped in a customs declaration (??) wrapped in bubble wrap and packing tape, then stuck in a padded mailer.  I doubt that running it over with my 40 ton truck would've harmed the contents.  So on that count at least I was somewhat impressed.  The coins themselves were exactly as advertised, brilliant uncirculated condition.  They're gorgeous.

What pisses me off to no end is the insane wait time and piss poor communication.  I demand results, not excuses.  Yes, mine was a very small order; only seven silver Eagles.  But when the charge for shipping works out to over US$30, and it's shipped plain old first class from California to Florida, and they take almost three weeks to do it...yeah I'm slightly torqued about it.

Never again.

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September 06, 2013, 04:10:52 AM
 #113

I sell silver for BTC if anyone's interested. Brand new 1oz buffalo rounds.  I can even beat Coinabul's lowest price if you buy 20 or more.  PM me if interested.  I have ratings on the Bitcoin-OTC channel if you want to check, or you can just find me there.

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