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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

#32

Post by probablynot »

dang wrote: post #12
itamarst wrote: post #5

Earlier quoted context omitted.

Trains got bootstrapped with speculation... but they were clearly useful before the speculation. Same for the Internet. As you admit yourself, cryptocurrencies are a solution looking for a problem. They do nothing, they provide nothing, they're just—"valuable". It's a scam, thousands of people will lose money, and you will have done your part to help those people lose money.

Now you're breaking another of the site guidelines too: "Please respond to the strongest plausible interpretation of what someone says, not a weaker one that's easier to criticize." Could you please stop now? You're a fine HN commenter otherwise. It's fine to be skeptical about cryptocurrencies, as many HN users are—but it's not fine to do flamewars or break the site rules. https://news.ycombinator.com/newsguidelines…

Are you just incapable of shutting the fuck up?

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

#33

Post by [deleted] »

xur17 wrote: post #28
chanfest22 wrote: post #27

Earlier quoted context omitted.

RE: CSV — we don't (yet) support general CSV upload though we are working on this feature and will add it soon Re: SmartContracts — thanks for bringing this to our attention. Is there a public smart contract that you have done this for that you'd be willing to share so we can figure out how to incorporate these types of transactions?

ReRe SmartContracts: Feel free to shoot me an email (in profile) and I can provide more detail, an address with a ton of example transactions and some of the additional nuances I ran across when trying to solve this problem. I signed up and the site looks really interesting - you are by far the cleanest solution I have seen. Not sure it is the most robust yet, but I'm sure you'll get there. Best of luck!

[deleted]

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

#34

Post by chanfest22 »

osrec wrote: post #30

As a long term crypto miner, I hope to enjoy using this. Are you thinking of having an API that will let users add a few hundred wallets at once? That would be rather useful feature for a fair number of us I think. Also, loving the fact that you chose to launch this as a PWA. Congrats on getting things going!

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

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

#35

Post by treepunch »

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. Refreshing seems to work sporadically. I'll check back in a day or two.

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

#36

Post by a_d »

chanfest22 wrote: post #22
a_d wrote: post #14

1. Cryptocurrencies as an asset class has a broad spectrum of "investors" - tech-savvy millennials, high-net-worth individuals, family offices, financial advisors on behalf of clients, sophisticated hedge funds and a ton of "regular folks" (e.g. moms putting a bit of their savings). Any effort that builds tools to navigate this space is a good direction. 2. Crypto bubble is unique because institutions are the last on…

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.

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

#37

Post by chanfest22 »

nicpottier wrote: post #29

I plugged in Coinbase out of curiosity as I do need to figure out some taxes here. I don't understand how these calculations are being done however. Seems to be taking cryptocurrency transfers as "selling" events, even though I was just moving to a non-coinbase account. This basically makes this useless for me to track my capital gains. Am I missing something?

You're right — if you move coins to a non-tracked wallet we treat this as if you used those coins to buy something because we really don't know. If you connect the wallet/exchange that the outgoing transfer went to, we will automatically pair them up and the gains will be calculated correctly. Does that make sense?

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

#38

Post by ncallaway »

chanfest22 wrote: post #10
omarchowdhury wrote: post #4

How much of the motivation behind this service is to aggregate private crypto market data, and how much of it is to provide a great user experience? Please offer a response to this in a percentage format with supporting justification. Thank you.

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?

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

#39

Post by chanfest22 »

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…

Thanks for flagging on both fronts. Shoot us an email at feedback@cointracker.io re: point #1.

We'll look into the instability for point #2

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

#40

Post by osrec »

chanfest22 wrote: post #34
osrec wrote: post #30

As a long term crypto miner, I hope to enjoy using this. Are you thinking of having an API that will let users add a few hundred wallets at once? That would be rather useful feature for a fair number of us I think. Also, loving the fact that you chose to launch this as a PWA. Congrats on getting things going!

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.
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