Congrats on getting into YC Chandan!
Love the logic built around pairing transactions to external wallets and tracking the cost basis, how has your experience been working with the various exchange APIs and getting those integrated?
Launch HN: CoinTracker (YC W18) – Cryptocurrency portfolio and tax manager
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Re: Launch HN: CoinTracker (YC W18) – Cryptocurrency portfolio and tax manager
#92Great tool!
It'd be very helpful to have Uphold available as an exchange.
Re: Launch HN: CoinTracker (YC W18) – Cryptocurrency portfolio and tax manager
#93I 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?
Thank you! Cryptocurrency tracking will always be free, though we may add more power features like real-time syncing in a paid subscription.
Currently, the pricing is sourced through aggregation across many exchanges (even ones we don't yet support syncing for). Lots of room for improvement here though as you and others suggest.
Re: Launch HN: CoinTracker (YC W18) – Cryptocurrency portfolio and tax manager
#94Overall, timely and looks like solid product.
Requests --
* Stellar accounts
* Nano public accounts
Issues --
* Doesn't appear to be importing in all the data from Binance thought it says it is complete.
* It appears your business model is based on getting people to pay for tax reports (smart). That said, your cost basis is about 10% off compared to my records and snapshots of all relevant currencies at the moment of trade. Why is this? I'm sure this would dramatically impact the tax over time.
Re: Launch HN: CoinTracker (YC W18) – Cryptocurrency portfolio and tax manager
#95Hi everyone, my name is David and I'm the founder of YaxReturns.com. Great job so far, CoinTracker team!
Yax also provides a tax solution for cryptocurrencies.
We launched yesterday on Product Hunt: https://www.producthunt.com/posts/yaxreturns.
And our video walkthrough: https://www.youtube.com/watch?v=vViXhiMNufo
Website: https://yaxreturns.com/
We offer:
• Importing of transactions from major exchanges and wallets
• CSV uploads
• FIFO, LIFO, LIFO Perpetual, and Average Cost accounting methods
• PDF tax form downloads
• Editable transactions
• A unique interactive “Ledger Tool” for visualizing and editing your transaction data
• An emphasis on security, encryption, and user anonymity
So far the biggest challenge in building a comprehensive tax solution is that exchanges, wallets, and blockchains do not all provide API's into their data, and their data formatting is different across each one. I can tell that CoinTracker has experienced this issue as well from the comments on this thread. Integrating with all major exchanges is definitely going to be a possibility in the future, but for the foreseeable future, the priority will likely be making it as easy as possible for users to upload, edit, and review their transaction data as easily as possible before submitting to the IRS. After all, it's real money that you're reporting on.
That said, please do check out YaxReturns.com as you consider a crypto tax calculator this year. We have new tools being built as we speak that will help you manage your taxes easily on a daily basis instead of scrambling to gather data and file them every April =).
Once again, congrats to the CoinTracker team on their launch!
Re: Launch HN: CoinTracker (YC W18) – Cryptocurrency portfolio and tax manager
#96Can 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…
1/ Over 50% of our users are international for our free tracking service, though our tax product is US only right now
2/ Coinbase is #1 in terms of exchanges, however local wallets (e.g. ETH wallets) are the largest overall
3/ We do not sell user data to any third parties. We do use some analytics products such as mixpanel, Heap, Google Analytics, etc. but we are not giving user/trade information to any third parties (see our privacy policy at www.cointracker.io/privacy)
4/ Many things, but one that stands out is that most people in the crypto space (even huge funds/companies with hundreds of millions of assets under management) use a spreadsheet to keep track of their crypto (!!)
5/ Yes! We are not (yet) a registered investment advisor and therefore do not provide investment advice (see www.cointracker.io/disclosure for more details)
Re: Launch HN: CoinTracker (YC W18) – Cryptocurrency portfolio and tax manager
#97Congrats on getting into YC Chandan! Love the logic built around pairing transactions to external wallets and tracking the cost basis, how has your experience been working with the various exchange APIs and getting those integrated?
Thanks! Lots of variance. Some are really simple and easy to use, and others are a nightmare. At first it was really challenging for us to add each new exchange because there would be unique problems, custom formatting, different syntax, etc. for each one, however things have gotten a little easier at this point once we have done it a few times.
Re: Launch HN: CoinTracker (YC W18) – Cryptocurrency portfolio and tax manager
#98Feature Request: Tracking extended public keys.
Re: Launch HN: CoinTracker (YC W18) – Cryptocurrency portfolio and tax manager
#99Overall, timely and looks like solid product. Requests -- * Stellar accounts * Nano public accounts Issues -- * Doesn't appear to be importing in all the data from Binance thought it says it is complete. * It appears your business model is based on getting people to pay for tax reports (smart). That said, your cost basis is about 10% off compared to my records and snapshots of all relevant currencies at the moment of…
Sorry about that! Drop us a line at feedback@cointracker.io and we'll figure out what we did wrong here.
Re: Launch HN: CoinTracker (YC W18) – Cryptocurrency portfolio and tax manager
#100I could have really used this a few months ago. Definitely a market for this. Best of luck to you.