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.
[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
