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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

#72

Post by a_d »

chanfest22 wrote: post #43
a_d wrote: post #36

Earlier quoted context omitted.

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 roboi…

>Would really welcome your thoughts and ideas here as well!

Will write to feedback@cointracker.io

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

#74

Post by lavezzi »

meritt wrote: post #59
treepunch wrote: post #35

Also just signed up with the Lite plan to play around with it. I'm in that scary spot where I have about 1200 transactions in the last year (small value bot trading) where I would gladly pay $150 for the tax report but $1000 dollars is pushing it. Also I'm sure this is just a function of high traffic from posting, but I am getting a significant amount of application errors for almost all actions taken on the site. Re…

Yeah the pricing is absurd. It should be related to capital gains and not simply the amount of transactions. I have a very large number of transactions (algorithmic trading) with a tiny profit. At this point just going to write a simple script to generate the 8949 from the exchange myself.

Even the pricing for transactions is so much higher than other offerings. Why pay $1k per year when I could have bought a lifetime "guaranteed" unlimited subscription to Cointracking for $1700 a few days ago.

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

#75

Post by htormey »

Can you share any information about how people are using your product? I'd be curious to know the following:

1) Are most off your users from the USA or international?

2) What are the most popular exchanges people link with you? i.e is Coinbase number 1?

3) Do you disclose any data about your users to third parties?

4) What's the most surprising thing you have learnt so far building this?

5) Are their any laws around investing advise that you have to be wary of?

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

#76

Post by ertand »

I think this is the best tracker I've seen. Congratulations on the launch!

Will the tax manager be the main part of your business or are you planning to monetize on different set of features? Will cryptocurrency tracking always be free?

How do you aggregate the cryptocurrency prices across exchanges? Do you only calculate it based on the exchanges you support?

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

#77

Post by 52-6F-62 »

flowctrl wrote: post #66
52-6F-62 wrote: post #62

Earlier quoted context omitted.

> In Canada (according to my accountant, at least), cryptocurrency gains are only taxable when "realized" I'm not 100% sure about this point. The issue was raised to me before when I was looking into it— crypto-currencies may fall under barter tax law. https://www.taxtips.ca/personaltax/barter.htm https://www.canada.ca/en/revenue-agency/news/newsroom/fact-s... https://www.canada.ca/en/financial-consumer-agency/servic…

I will trust my accountant; he is after all, on the hook for how it is reported. Thanks for posting the links! Taxtips.ca is not an official source, and note they use a ton of "may" be this and "might" be that. I will ignore that page, since they clearly do not know and are not the CRA. The Canada.ca link is consistent with what my accountant said -- when you use crypto to purchase goods or services, it is treated as…

I definitely wouldn't advise you do otherwise.

I just thought I'd pop that information out there because it's not clear to me whether or not the coin-to-coin trade falls under barter like making goods&services purchases does. Really, in case there are other Canadians like me who are doing their own taxes this year and have to include these kinds of items for the first time.

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

#79

Post by htormey »

zitterbewegung wrote: post #64
chanfest22 wrote: post #50

Earlier quoted context omitted.

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 o…

So you have a paid service to calculate a persons taxes. This is offered on https://www.bitcoin.tax . They have a free version that someone can submit their taxes on and also they have a paid version. Also, they can refer you to tax professionals (they deal with happy tax). What advantage do you have over this?

I just used bitcoin.tax to calculate my 2017 returns, it has a terrible UX and also does not offer a real time portfolio monitoring service. They also have grander ambitions to offer a portfolio investment service.
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