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Launch HN: CoinTracker (YC W18) – Cryptocurrency portfolio and tax manager

news.ycombinator.com

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Re: Launch HN: CoinTracker (YC W18) – Cryptocurrency portfolio and tax manager

#41

Post by chanfest22 »

ncallaway wrote: post #38
chanfest22 wrote: post #10

Earlier quoted context omitted.

It's a fair question! It may sound ridiculous, but we are 100% motivated by improving UX in the crypto space, and not interested in building a business around aggregating and selling/trading on private crypto market data. This is core to our mission and built into our policies ( https://www.cointracker.io/security ) and commitments that we will never sell user data. In fact both Jon and I have backgrounds working on…

How do you plan on monetizing? Even if you're not looking for a profit, how do you plan to offset development and infrastructure costs? I've setup an account already, and this looks absolutely useful and helpful, but I'm somewhat wary of anything that's free if I don't know how you're planning on keeping the lights on?

We have a paid tax service: www.cointracker.io/tax/package

Re: Launch HN: CoinTracker (YC W18) – Cryptocurrency portfolio and tax manager

#42

Post by chanfest22 »

osrec wrote: post #40
chanfest22 wrote: post #34

Earlier quoted context omitted.

Thanks! I'd love to better understand the bulk wallet use case. Do you have them stored in a database or CSV file somewhere?

Yes, a MySQL database.

Understood; if we offered a CSV upload option for your wallets would that solve the issue or do you need something that dynamically updates and syncs regularly?

Re: Launch HN: CoinTracker (YC W18) – Cryptocurrency portfolio and tax manager

#43

Post by chanfest22 »

a_d wrote: post #36
chanfest22 wrote: post #22

Earlier quoted context omitted.

Great points & feedback — thank you! #1 – agreed #2 – this is fair. We have some ideas on how we can help with these types of warnings appropriately and will work on integrating them #3 – agreed #4 – we are with you! Taxes are just the beginning :)

2 follow-up questions: On #1 - Have you done any work on which segment needs this the most? (just curious, what "talking to users" revealed). On #4 - What are the future possibilities of this product (future vision of CoinTracker)? (again, just curious to learn) Thanks.

For #1 — there seems to be a strong need on both the retail side (folks who are day-trading or casually investing on the side) and on the institutional side (e.g. cryptocurrency hedge funds, etc.). So far we have focused on the retail use case

For #4 — there are a lot of possibilities here, and a lot of it will depend on where our users guide us. Some areas that we will start testing with soon though are around roboinvesting, trade aggregation, and auditing. Would really welcome your thoughts and ideas here as well!

Re: Launch HN: CoinTracker (YC W18) – Cryptocurrency portfolio and tax manager

#46

Post by osrec »

chanfest22 wrote: post #42
osrec wrote: post #40

Earlier quoted context omitted.

Yes, a MySQL database.

Understood; if we offered a CSV upload option for your wallets would that solve the issue or do you need something that dynamically updates and syncs regularly?

That would do it. Basically, for anyone with a largish holding, this is a way to manage operational risk. In my particular use case, wallets are numerous, but not constantly changing.

Re: Launch HN: CoinTracker (YC W18) – Cryptocurrency portfolio and tax manager

#47

Post by SeoxyS »

chanfest22 wrote: post #24
hisabness wrote: post #23

Earlier quoted context omitted.

cool. would love to see NEO (and related tokens), Stellar, ZEC,BCH, EOS (when they transition to their own chain), Dash, ADA, Monero, and Ripple for the XRP fan bois. Please do keep me posted in regard to investment opps. Thanks.

Awesome, thanks for this list! We will add all of them. In addition, what is the best way to get in touch with you (website?)

Also very much second the request for Stellar support. Stellar is fast becoming an ICO platform of its own, has a decentralized exchange built in. Most of my crypto activity is in stellar.

Disclaimer: I run a crypto business / compliant fundraising platform.

Re: Launch HN: CoinTracker (YC W18) – Cryptocurrency portfolio and tax manager

#48

Post by encoderer »

chanfest22 wrote: post #45
encoderer wrote: post #44

Congrats on shipping. Total footnote, but having built a product on a .io domain, I wouldn't do it again.

Interesting; how come? We aren't necessarily tied to our domain name, just curious.

A history of poor ops practices and unreliability. In the last year there was one incident where somebody was able to register their root name servers as their own, and another where they stopped resolving requests for a large portion of the internet (mid-October sometime).

From a marketing point of view, I didn't appreciate it before talking to "regular sales prospects" but in our space at least there is a connotation to it. One quote I remember was that we were "a little expensive for a .io".

Ultimately we have stuck with it due to sunk cost.

Re: Launch HN: CoinTracker (YC W18) – Cryptocurrency portfolio and tax manager

#50

Post by chanfest22 »

zitterbewegung wrote: post #49

Why should I trust you with my data from Coinbase and or my google account and why?

Fair question —

For signup, we have three options: get your email from Google, from Coinbase, or use whatever email you want manually. It's up to you whether to use Google/Coinbase or use your own bogus email. The point here is not to gather data about your accounts, but rather just have a way to communicate with you.

For tracking & tax, the hope is that we are providing you as a user with enough value (in the form of portfolio management and tax information) that it is worthwhile for you to track your exchanges/wallets/cryptocurrency on CoinTracker.

We take measures to protect your security: www.cointracker.io/security

If you don't see value in the service, that is useful feedback for us and we'd love to know

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