Topic: Are Coinabul still operating? (Read 5663 times)

I would love to get mine, it's been a month and a half with nothing but BS and runaround.
I will gladly post on all their scam threads to let everyone know when/if I get my 85 btc order.  I really hope they pull it off and send my metals or a refund, but it's hard to be upbeat about the likelihood at this point.

UPDATE!!

I have received my order from Coinabul.com. I placed an order a few weeks ago and when there was no response got worried. Checked the forums and thought I got ripped off.

Today I received my order. For verification it was shipped USPS and I will upload a scan of the package. I dont want to post the tracking number here and give my address but I will scan and blur the receiving address.

This is good news. Heck, I might even order from them again

But probably not

Well, I received an email early today from Coinabul claiming that they were shipping my order and it said it would be sent "Next Day". It also had contact phone numbers if I had any questions. However, there is no tracking info to verify it. So only time will tell if they really do ship it. If anyone wants a screen cap of the email let me know and I will add it to the forum but Im not going to waste my time cropping and editing it and blurring info if no one is interested.

Does anyone have a physical location for where they are doing business from? I just ordered from them ( a small test order to see if they are legit) and they have not responded to my emails yet.

I really shouldve searched the forums first but the site looked legit and I had never heard anyone complaining about them. I talk to people in chats constantly and we always talk about what sites are no good or rip-offs. This site never came up as being bad.

Now Im starting to get worried. Especially since I lost a little over 1 btc on Instawallet recently I really dont want to lose anymore.

Or maybe not. I once ordered some stuff and it was delivered to another town and a guy named "Jimmy Hendrix" signed for it. Don't ask me why, I don't know. Thankfully the sender didn't quibble at all and just sent another parcel. This was in Europe. Brazil isn't known for their trustworthy postal system.

I sent an e-bay item to Brazil. The tracking showed "delivered" but the buyer claimed he never received it. He filed a claim with ebay and they refunded his money. I showed them the tracking number and that it showed "delivered" but that was not good enough for them, they said that they needed to see that it was delivered to the right person.

So I started a whole process with the USPS to go through their international shipping and through all of that...in the end, there were way too many steps for me to go through and life got more important than spending my days on the phone. So the guy likely got some free stuff. Such is life.

But maybe he did receive it... that's the problem with no tracking to the destination.  We'll never know.  But the existing tracking proves that Coinabul (who I do not know and have never used BTW) sent him something and that it left the country.

I sell OSHW electronics and the low average price (1-2 BTC) makes it impossible to use a service like UPS or Fed-ex with door-to-door international tracking.  I tell my customers that they are responsible for losses once the item leaves my country, and offer door-to-door tracking which nobody ever chooses b/c it costs 1-2BTC itself.

Now offering and purchasing the insurance really confuses matters.  Was it clear that this insurance offering was a pass through to a 3rd party insurance provider?  Was there a whole legal document detailing the insurance policy that the buyer could have read?  If so, IMHO Coinabul can pass the buck of responsibility to that insurance provider (by supplying the name and claim number to the purchaser for follow up), or point to the legal document.

But the real morale to this story is don't ship something worth 80BTC without full tracking.  Its too damaging to your business when the customs officer keeps the goods or the customer claims it was not received.

FTFY!

Everything came through perfectly.  Well done, Coinabul.

I have a feeling that they're a pretty small shop and they cannot take a few grand loss.

Their complete lack of reasonable response to this episode is very disappointing.  Presumably they don't intend to stick around long?

Scam thread opened: https://bitcointalksearch.org/topic/scam-coinabul-owe-me-81btc-149253

The funny thing is.....the only reason the significant value change happened is because coinabul took weeks to months to ship the order. Maybe if they shipped in timely manner....that would help. I'm in the US (like they are, and my last order took over a month to get here).

On a side note, i ordered a top-notch Alienware PC from Dell for around $5k. It shipped after 2 months but disappeared along the way. I paid for insured, expedited shipping but was told the insurance company wouldn't cover it, so I was sh*t outta luck and would get nothing. Normal occurance,huh? J/K none of the above happened....just an illustration of how crazy coinabul's actions are.

As to the scamming issue...coinabul did gain. They have the buyer's BTC (and who knows, maybe his metal too) and buyer got nothing....so yeah definite gain for scammer.

This is quite reasonable and indeed the buyer is not of fault here. Watching this thread closely to see how it turns out.

Let me understand: matthew open the thread for the famous pirate bet, no one send money, no one lose money and he get a "scammer" tag; he scammed exactly 0 bitcoins. Here someone PAID for something, DID NOT receive it, no scammer tag?

Guys seriously, something is totally wrong lol.

It's hard to argue with anything you said.

I've been doing some more thinking and digging. According to Jay, the insurance claim was denied because the value of the goods had changed taking it across some arbitrary threshold such that their policy no longer covers it. This apparently caused the insurance company to deny a claim, not only for the replacement cost, but also for the original cost.

I don't know the name of the insurance company or policy, when the insurance was taken out on the item or when the claim was allegedly filed so I can't do any detailed digging, but I did have some thoughts:

- The insurance company obviously has something in their T&Cs which states that if the value of an item changes by a certain percent or value, then they won't cover it. Coinabul should reasonably have known about this.
- Silver is a volatile market. Coinabul should have reasonably expected the price of silver to fluctuate between taking out the insurance and a possible claim.
- The above two points together show that Coinabul could (and should) have reasonably taken steps to ensure that their insurance arrangements were adequate to cover market fluctuations, but was negligent in failing to do so.
- I could not have reasonably known about this or taken steps to avoid this, not being a party to the insurance contract or having access to the details of the contract.
- Coinabul, not I, have been negligent in this instance and should therefore be culpable.

That they have allegedly changed their insurance structure to avoid this only attests to their negligence in my case. I no longer think this is at the foot of the insurance company. It is clearly at the foot of Coinabul. This moves it firmly into scam territory. Coinabul mislead me to believe that my order would be sufficiently insured but failed to do so.

Watching this thread. Planned on buying from coinabul.

This thread isn't exactly inspiring confidence in them, though. 

You can provide the proof of insurance and the letter of claim denial. Scam or not, unless you properly insured its your loss.

Looks like Coinabul simply didn't get the proper insurance (or any insurance) and responsible for the loss. It's about time to move this thread to the scammer subforum.

I am going to bet that Coinabul didn't check the terms of the insurance policy and fucked that one up. I could be wrong, but USPS doesn't cover gold/silver coins unless they're sent via Registered Mail.