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CoinTracker raises $1.5M to make tracking cryptocurrency investments easy

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Re: CoinTracker raises $1.5M to make tracking cryptocurrency investments easy

#81

Post by michaelgrosner2 »

trophycase wrote: post #79
michaelgrosner2 wrote: post #76

Earlier quoted context omitted.

EDIT: Wrote this on my phone where I confused Cointracker with Cointracking I had something like 50k+ transactions last year. Cointracking wouldn’t create a 8949 for me because their servers couldn’t handle a dataset that large, but they could create a capital gains CSV file that was super easy for my acccountant to sum up a few columns and make the 8949. That said, their very high transaction count plans are $1000+,…

The one year plan is $120. Not sure where you're seeing 1000+

Whoops, I conflated Cointracker.io (https://www.cointracker.io/tax/plans) with Cointracking.info. Sorry!

Re: CoinTracker raises $1.5M to make tracking cryptocurrency investments easy

#82

Post by kolinko »

flashmob wrote: post #31

These coin/porfolio trackers are a privacy nightmare. You're basically telling some stranger your detailed crypto finances, and it's unknown how your data may be used. One of the golden rules in crypto is to never disclose your holdings to anyone on the internet, yet people are using these apps without a second thought!

That's why in Trivial.co we all things client-side only, with the data never touching the servers - that's true for your accounts, but also for stuff like tokens that you watch, and so on.

I hope more startups picked up this way.

Re: CoinTracker raises $1.5M to make tracking cryptocurrency investments easy

#83

Post by kolinko »

wpietri wrote: post #29
criddell wrote: post #5

Investments? When you buy a crypto currency, what are you investing in?

Thank you for saying so. As far as I'm concerned, it's speculation, not investment. Investment has some sort of underlying productive asset which one gets a part of and that then hopefully pays returns. Speculation is betting money on price movements. As long as we're trying to rehabilitate financial terms, cryptocurrencies don't have "market caps". Stocks do, because they represent companies which could plausibly be…

In case of some of the any currency - the volume that flows through it.

If Ethereum is a go-to place to do equity crowdfunding in the future, and we estimate the volume of such operations at $120B a year, then - assuming it takes a month from the moment someone buys ETH to invest in an ETO, to the moment a startup sells it for a fiat money, Ethereum's market cap will need to be at least $10B to fulfil that need, and that would be a cap bottom then.

On top of that, there will be other uses, and of course speculation/hype factor, which you can count in as well.

Now, with the advent of stable coins, it's possible that most of the ETOs won't be funded using Eth, but a dollar derivative (e.g. MakerDAO), or a token represented by a locked-up asset (e.g. Digix). Right now MakerDAO uses Eth as a backing, so it doesn't change the math, but if the Digix model proves successful, it affect this calculations.

Another line of reasoning for Eth is that you have transaction fees, and here again you can easily calculate the money velocity, and a potential volume flowing through the system.

Finally, when PoS arrives, Eth will yield de facto dividends - that's planned to happen within a year, although it has been postponed a few times already.

For other cryptocurrencies - MakerDAO, Digix, or Ocean have economies that can be calculated in a similar way. A plenty of other ones to.

Now, if you say that there is a low chance of such projects being successful - keep in mind that all these projects aim high. If there is 1% probability that BananaCoin will really help people grow bananas, it will deserve a $100M valuation, since it will be worth $10B in case of success.

Oh oh, in case of some projects, if not most, their book to equity rate is very high by Wall Street's standards. Golem may seem overpriced with their $200M valuation (that is - you believe they either have <1% of success, or their target market cap is <$10B), until you realise they have around $100M-$150M in assets after their ICO. That's a lot of money they can spend to deliver the value.

Re: CoinTracker raises $1.5M to make tracking cryptocurrency investments easy

#84

Post by kolinko »

duskwuff wrote: post #70
mtnGoat wrote: post #66

Earlier quoted context omitted.

isn't most investing speculative though?

Normally there's some sort of external factor that you're indirectly speculating on -- the success (or failure) of the company issuing a stock, for instance. With most cryptocurrencies, though, there's no economic fundamental underlying the price; speculation is the primary (and, in many cases, only ) thing controlling the price. The fact that cryptocurrency markets aren't regulated -- and, in fact, are frequently ma…

In case of the top ~100 cryptos/tokens, there is usually an external factor.

Besides that, the distinction between speculation and investment is not as clear as you say.

By your definition, there is no such thing as "investing in art" - only "art speculation".

The definition of investment/speculation I prefer is whether the asset purchase is based on economic reasoning, or emotional reasoning. The latter is people buying "because the charts are growing", or "because the market is hot but will be hotter", or using technical analysis voodoo.

If you have a basis for your purchase price that is not connected to historic price charts, you're an investor.

Re: CoinTracker raises $1.5M to make tracking cryptocurrency investments easy

#85

Post by wpietri »

kolinko wrote: post #84
duskwuff wrote: post #70

Earlier quoted context omitted.

Normally there's some sort of external factor that you're indirectly speculating on -- the success (or failure) of the company issuing a stock, for instance. With most cryptocurrencies, though, there's no economic fundamental underlying the price; speculation is the primary (and, in many cases, only ) thing controlling the price. The fact that cryptocurrency markets aren't regulated -- and, in fact, are frequently ma…

In case of the top ~100 cryptos/tokens, there is usually an external factor. Besides that, the distinction between speculation and investment is not as clear as you say. By your definition, there is no such thing as "investing in art" - only "art speculation". The definition of investment/speculation I prefer is whether the asset purchase is based on economic reasoning, or emotional reasoning. The latter is people bu…

You can't just make up new meanings for words. Speculation is a defined thing in the financial world: https://en.wikipedia.org/wiki/Speculation

Investing in art happens all the time. Movie companies do it reliably when they create or purchase films with the hope of generating both economic value (that is, enjoyment) and long-term profit. Music companies do it when they give a band money to make a new album. Touring art shows could also be seen as an investment where they acquire assets and then generate value (that is, viewership) with them. But yes, buying and storing paintings in hopes they will be worth more later is speculation.

Re: CoinTracker raises $1.5M to make tracking cryptocurrency investments easy

#86

Post by perl4ever »

mihaifm wrote: post #52
criddell wrote: post #5

Investments? When you buy a crypto currency, what are you investing in?

It's the same as with other investments. You're putting some money in, with the hope that the thing you buy will appreciate in the future. When you buy stocks what exactly do you buy? Some stake in a company? Nonsense. You're just hoping that company will do well and your stock will appreciate. Sure you can invest in commodities like oil or gold. Does that mean that an oil tank will be delivered to you door? No. You'…

If I believe that shares of stocks generally come with votes, which allow you to control the company if you have enough of them...and I believe that oil or gold futures do indeed entitle you to take physical delivery, does that mean I should not invest in cryptocurrencies, because I inhabit a different reality than those who do?

Re: CoinTracker raises $1.5M to make tracking cryptocurrency investments easy

#87

Post by derimagia »

perl4ever wrote: post #86
mihaifm wrote: post #52

Earlier quoted context omitted.

It's the same as with other investments. You're putting some money in, with the hope that the thing you buy will appreciate in the future. When you buy stocks what exactly do you buy? Some stake in a company? Nonsense. You're just hoping that company will do well and your stock will appreciate. Sure you can invest in commodities like oil or gold. Does that mean that an oil tank will be delivered to you door? No. You'…

If I believe that shares of stocks generally come with votes, which allow you to control the company if you have enough of them...and I believe that oil or gold futures do indeed entitle you to take physical delivery, does that mean I should not invest in cryptocurrencies, because I inhabit a different reality than those who do?

A lot of cryptos have the same thing, with "votes"

Re: CoinTracker raises $1.5M to make tracking cryptocurrency investments easy

#88

Post by sockgrant »

chanfest22 wrote: post #13
_fs wrote: post #7

I tried it before and found https://cointracking.info/ much more useful in nearly all comparisons. Better tax info and preperation, better syncing, more supported sync targets, faster updates, more tracked coins, and better stats pages. And this is all on the free version of coointracking. If you pay the yearly fee, the auto syncing and auto-wallet sync is a huge standout.

(co-founder of CoinTracker here). CoinTracking is indeed a great tool. That said we have also made a lot of progress over the last several weeks and now support unlimited free tracking with auto-syncing (no yearly fee!). We'd love for you to take another look at https://www.cointracker.io and see how we can improve further.

Do you support importing from gdax?

Re: CoinTracker raises $1.5M to make tracking cryptocurrency investments easy

#89

Post by chanfest22 »

sockgrant wrote: post #88
chanfest22 wrote: post #13

Earlier quoted context omitted.

(co-founder of CoinTracker here). CoinTracking is indeed a great tool. That said we have also made a lot of progress over the last several weeks and now support unlimited free tracking with auto-syncing (no yearly fee!). We'd love for you to take another look at https://www.cointracker.io and see how we can improve further.

Do you support importing from gdax?

Yes
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