How to loose R26 000+ on BidorBuy very quickly ...

[Pierre_Henri 74]

This seller currently lies at number 2 position on the top coin sellers list on BidorBuy.

https://www.bidorbuy.co.za/item/416582779/Mandela_R5_Coins_2008_and_2018.html

That was his first sale on BoB and he sold 10 coins worth R5 each for a total of R400 000 to two buyers - 5 x R5 coins at R50 000 each and 5 x R5 coins at R30 000 each.

Needless to say, the bidding names of the buyers spell danger and the seller will not get paid for the coins in a million years.

But, BidorBuy will subtract R26 440 from his credit card if he does not lay SNC's (Sale(s) not Completed) against the buyers and I am practically sure he does not know (as a first time seller) how to do that.

Will BidorBuy do the honorable thing, and help this guy out? Repaying the massive fees that he encountered without the transactions actually going through?

[GROOVIE COINS 16]

14 hours ago, Pierre_Henri said:

This seller currently lies at number 2 position on the top coin sellers list on BidorBuy.

https://www.bidorbuy.co.za/item/416582779/Mandela_R5_Coins_2008_and_2018.html

That was his first sale on BoB and he sold 10 coins worth R5 each for a total of R400 000 to two buyers - 5 x R5 coins at R50 000 each and 5 x R5 coins at R30 000 each.

Needless to say, the bidding names of the buyers spell danger and the seller will not get paid for the coins in a million years.

But, BidorBuy will subtract R26 440 from his credit card if he does not lay SNC's (Sale(s) not Completed) against the buyers and I am practically sure he does not know (as a first time seller) how to do that.

Will BidorBuy do the honorable thing, and help this guy out? Repaying the massive fees that he encountered without the transactions actually going through?

Hi Pierre 

The seller themself is questionable. Why sell normal circulation coins for R25 000? Both seller and bidder have no ratings.  

[Pierre_Henri 74]

On 7/2/2019 at 8:26 AM, GROOVIE COINS said:

Hi Pierre 

The seller themself is questionable. Why sell normal circulation coins for R25 000? Both seller and bidder have no ratings.  

The seller has lost R26 000+ in BidorBuy fees if I am not mistaken.

He literally threw a HUGE amount of money into the waist bin and my question is ....... what is BoB going to do about this?

Both the name(s) of the seller and the buyers look like persons (first time BidorBuy users) from our poor & previously disadvantaged fellow SA citizens group.

What is BidorBuy doing about this - how are they supporting and helping  new users of BidorBuy as a selling & buying platform, in instances like this?

Pierre

[Pierre_Henri 74]

Here we go again - this R5 coin worth R5 was sold for R180 000 a few days ago

im selling nelson mandela 2008 coin,call me for the price

The seller's name (again) looks like someone from our our poor & previously disadvantaged fellow SA citizens group.

He or she is going to be charged nearly R12 000 BoB fees (6.61% of the selling price)

Something fishy is going on but I just cannot figure out why - - see also my post(s) above.

.

 

 

[GROOVIE COINS 16]

On 8/31/2019 at 2:13 PM, Pierre_Henri said:

Here we go again - this R5 coin worth R5 was sold for R180 000 a few days ago

im selling nelson mandela 2008 coin,call me for the price

The seller's name (again) looks like someone from our our poor & previously disadvantaged fellow SA citizens group.

He or she is going to be charged nearly R12 000 BoB fees (6.61% of the selling price)

Something fishy is going on but I just cannot figure out why - - see also my post(s) above.

.

 

 

I think BoB needs to differentiate between closed listings without a sale and sold listings. Currently all buy now listings close as sold which is somewhat misleading to those who use the recent sales tool as a means to evaluate market price. I myself only look at recent auction sales as you can see the bidding history which provides great insight to the market value. 

I doubt anybody purchased this buy now listing with its unrealistic 180k asking price. If this is a ignorant seller they will soon realise they wasting their time. If it's a con person, then they will soon realise the same.

[CapeCurrencyCoin 10]

I think its pretty straightforward.

These "buyers" and "sellers" are creating "evidence" of online sales of these R5 coins.

Both the buyer and seller are new users with no history of any transactions,the accounts are either created by the same person or by people who know each other with the sole intention of creating a fictitious sale of a Mandela R5 coin selling for insanely high prices. There is no intention to honour any part of this transaction let alone allow bidorbuy to take commission for it, however they can now deceive and swindle prospective buyers OUTSIDE of bidorbuy by showing "evidence" that these Mandela coins actually do sell for crazy money by simply showing  them the weblink of the sale .

I have a shop in Cape Town City Centre and its no exaggeration to say that at least 50 people per day, everyday,without fail, come in asking where they can sell their Mandela coins,its unbelievably annoying,its got to a point that I can tell simply from someones body language, without them even needing to say a word, that they are looking to sell Mandela coins.

In all these years of people trying to sell their coins not one person,not a single one, has ever asked to buy a Mandela coin!These many  years of Mandela R5 coins deception is so deeply ingrained that no manner of common sense and logic,eg explaining supply and demand and even offering on occasion a FREE Mandela coin from my change  to the person trying to sell their Mandela coin  just to prove a point,it makes no difference ,they still ask where they can sell THEIR coin after taking mine!

Needless to say I don't give away Mandela coins anymore to prove a point ,it doesn't work.

The people that started this Mandela scam have a lot to answer to,i don't think they quite realize what a mad situation they have created...or maybe they do...

[jwither 17]

As an outside observer reading this forum including posts on Mandela coins, I can only conclude that a noticeable proportion of the population must be gullible and naïve or if not, financially desperate.  

Prior to and for a short time after the post 2011 bubble peak in Union and ZAR which coincided with the worst aspects of the Mandela mania, I found the price expectations posted on this forum both ridiculous and hard to believe.  Some I read in private message exchanges were even worse.  No wonder collectors and "investors" in your country created the prior bubble.  

There are people in the USA who are gullible as well, but never heard even once it was with current circulating change and it isn't nearly as widespread based upon anecdote and observation.  It's with obsolete gold and silver coinage mostly and where it isn't, modern silver and gold NCLT.  YouTube watchers apparently believe their pocket change may be valuable (a purported scarce or rare minor error or die variety) but I doubt even one of them paid equivalent amounts for US pocket change as were paid for multiple Mandela issues. 

I agree with the suggestions in Pierre's post but as the saying goes "You can't fix stupid".