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.
Where did you try and contact us?
Please send me an email: Jon [at] Coinabul.com and I'll sort you out!
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.