Topic: Warning: Coinabul trying to defraud customers! - page 2. (Read 3508 times)

Good advice!

Checkout amagimetals.

I have not had this email and I placed a order with them on the 9/4/13.  And I have had 1 reply to my email's asking when I will be getting my goods. to which i have had a reply asking me to check my order status on the website. which has not changed..

Starting to wonder if I will ever get my BTC back or my silver bars

Not looking good tho.

I'm beggining to think all bitcoin transaction for real goods and some services should be done through an escrow service. Its way to easy to get ripped off otherwise.

They are a site where you can buy gold and silver bullion for bitcoins.  Their site is pretty polished and it looked promising. 

After reading the message boards, it looks like they had a key guy leave in March and things have just never been right with them since. 

Oh well, lesson learned. Before spending bitcoins at any site, check the message boards first to see if they are legit.

CoinCrunch

What is Coinabul, what do they do?

I placed an order with coinabul on 4/20/2013 for 4 silver eagles.  They charged .15 BTC per coin, which was paid immediately by myself.  It's been 10 days and I received the following email from them saying "Sorry, we had a server crash.  We couldn't cash out in time, so we'll send you 3 silver eagles instead of 4, is that cool?" 

My answer to them is a resounding NO, it is not cool.  They charged me in BTC. I paid in BTC. They should honor their deal, case closed.  If you bet on a football game, and you lose, you do not get to modify the bet after the game is over.

So, I send this out to everyone as a warning, do business with coinabul at your own risk.  If the market moves in a way that does not benefit them, they will try to renegotiate the deal after you've already paid.

Can you imagine if amazon tried something like this?


The email to me from Jay at Coinabul, a week after the transaction (and my payment):
--------------------------------------------------------------
On April 10th-11th we were hit with a 'perfect storm' situation which caused us to have a major issue with transaction processing.

Due to a previously undiscovered bug in Bitcoin 0.8.1 we experienced an issue where bitcoind corrupted our hotwallet, along with our blockchain, but did so in such a way that for a few hours it was still rendering payment addresses to customers but unable to sync to the network, or even see unconfirmed transactions coming in. This is the kind of one-in-a-million occurance that happens when using cutting edge systems like Bitcoin, and we're glad it happened to us instead of a normal user who would have likely been unable to salvage any bitcoins from the mess. We immediately shut down our daemon and proceeded to begin repairing and salvaging, as well as deploying a hot-patch to enable us to extract the remaining BTC from the wallet in question.

In the short time it took us to salvage our hotwallet, bitcoin price plummetted at minor exchanges as most of the major ones suddenly went offline. At that point, we'd already initiated a few major transfers to exchanges which weren't even able to show up in our balances for another day or so, let alone be sold at anything even resembling the spot price you spent them for. At that point we were left with the crucial decision of whether to sell any remaining coins at a much lower rate than expected, and do our best to lock in a higher spot price before the market crashed further, or hold on to your coins and return them to you. We opted to do the former which is a good thing, considering bitcoin price proceeded to hit less than half of the value at which we sold.

Now we are left with two choices on how to resolve the situation that affected your purchase: 1. I can send you the metal value your coins were eventually able to net(3 ounces); 2. I can return the dollar-value of your coins by repurchasing that dollar-value's worth of BTC and send it to you.

Let me know which is preferred, and I'll do that.

Thanks, and I appreciate your understanding in this issue.
---------------------------------------------------------------