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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

#101

Post by htormey »

hollandaise wrote: post #95

Hi 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…

I 100% agree. I’ve been playing around with the APIs these exchanges offer. All of them have incredibly annoying issues and limitations.

I just did my tax with bitcoin.tax but I will have to check out yax and see how it compares. Bitcoin.tax has a very basic ux some I am looking forward to seeing some innovation in this space.

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

#102

Post by htormey »

chanfest22 wrote: post #96
htormey wrote: post #75

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…

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…

Great answer! This site is a real step function over hodl or any of the other manual trackers I have been using.

How are people buying alt coins? Specifically what is the top Alt exchanges on your platform? I.e is it binance, bitterex or another?

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

#103

Post by hollandaise »

htormey wrote: post #101
hollandaise wrote: post #95

Hi 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…

I 100% agree. I’ve been playing around with the APIs these exchanges offer. All of them have incredibly annoying issues and limitations. I just did my tax with bitcoin.tax but I will have to check out yax and see how it compares. Bitcoin.tax has a very basic ux some I am looking forward to seeing some innovation in this space.

Absolutely. Agree with your agree! There's lots of UI improvements that can and should be made in the crypto space.

As one friend put it, 2017 was about crypto traders and developers being too busy making money to turn around and help newbs learn or onboard them with nice UI's. That's got to change. Too many people, including myself, have lost money screwing up wallet addresses or not knowing how an exchange works. In addition to improving exchange API's, simplifying user interfaces, and making it safer and error-forgiving to exchange currencies, I think infrastructure and regulatory clarification will go a long way in legitimizing and stabilizing the crypto world. I also think providing people with a tax-compliant way to trade is a great place to start creating that user-friendly version of crypto. More features coming from Yax soon! Be on the look out.

https://yaxreturns.com

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

#104

Post by tyrust »

chanfest22 wrote: post #70
tyrust wrote: post #63

This looks good, I haven't yet selected a service for doing my crypto taxes this year, maybe I'll give it a try. A couple of questions on top of your FAQ: * A list of what exchanges you support would be nice. * It's not really clear what sort of tax help you get in the free tier. * It would be nice to see pricing info without having to sign up. Also, it's great that you provide a lightweight tracker with no ads ( htt…

The list of exchanges we currently support (we will work on making this clearer): Binance, Bitfinex, Bitstamp, Bittrex, Coinbase, Cryptopia, GDAX, Gemini, HitBTC, Kraken, KuCoin, Liqui, Poloniex Tax free tier & pricing: www.cointracker.io/tax/package Let me know if anything else is unclear

Thanks for the reply. I suggest changing the "paid services" link under the "How do you make money?" to point to /tax/package. Currently it points to /tax which redirects to a sign-in page.

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

#105

Post by kang »

Hello, congratulations on exposure. I would like to express a concern.

Being a cryptocurrency user is all about NOT paying taxes. As more people understand the systems of cryptoanarchy, more will the gateway business models fade-away(basically exchanges and add-ons like OP).

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

#106

Post by paulie_a »

chanfest22 wrote: post #15
hisabness wrote: post #6

I'm a blockchain investor at [redacted] if you want to talk more. Initial thoughts: -A solution in your space is badly needed. Fund administrators really need an option that is better than cointracking.info and coinigy. A lot of these folks are looking at partnering with Libra here in the near future. -your offering as is, is too limited. anyone investing seriously in the space owns a lot more than than the 4 coins a…

Thanks for the kind words! We definitely have a long way to go and lots more features need to be added (and will be soon). Re: wallets — for local wallets we currently support BTC, LTC, ETH, DOGE, and all ERC20 tokens. Additionally, from manual transactions and exchanges, we support over 2,000 coins and tokens. We'd love your feedback as to which additional features and coins you would find most useful to add to our…

Just of curiosity, why do specifically support and mention DOGE?

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

#107

Post by phn »

kang wrote: post #105

Hello, congratulations on exposure. I would like to express a concern. Being a cryptocurrency user is all about NOT paying taxes. As more people understand the systems of cryptoanarchy, more will the gateway business models fade-away(basically exchanges and add-ons like OP).

I actually think conflating cryptocurrency with not paying taxes may does not help anyone in the discussion.

Banking fees, sure. But taxes? That's a whole ideological discussion not even closely related to crypto.

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

#108

Post by sdsad46464 »

kang wrote: post #105

Hello, congratulations on exposure. I would like to express a concern. Being a cryptocurrency user is all about NOT paying taxes. As more people understand the systems of cryptoanarchy, more will the gateway business models fade-away(basically exchanges and add-ons like OP).

Oh boy, you are not helping the cryptocurrency community with that extremist line of thinking...

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

#109

Post by idonotknowwhy »

What are we supposed to do for tax purposes, if we've mined altcoins for years, traded them in exchanges like cryptsy with no records, and now have no idea about where we got our current stash of bitcoins from? Ie, we've now got all this wealth which we can't touch because we don't know how much tax we have to pay / should have paid while trading over the years, and are also afraid of withdrawing to the bank with no proof of where it came from?

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

#110

Post by trothamel »

idonotknowwhy wrote: post #109

What are we supposed to do for tax purposes, if we've mined altcoins for years, traded them in exchanges like cryptsy with no records, and now have no idea about where we got our current stash of bitcoins from? Ie, we've now got all this wealth which we can't touch because we don't know how much tax we have to pay / should have paid while trading over the years, and are also afraid of withdrawing to the bank with no…

This is not tax advice - but couldn't you just hold them in one place for a year, convert them to dollars, and report them as long-term capital gains with a cost basis of $0? That might be wrong, but I don't think you could be penalized for _under_estimating your cost basis.

Note: I don't know this for sure, so if someone knows the right answer, would be good to know.

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