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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

#81

Post by tesrx »

ertand wrote: post #76

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?

The tracker is awesome, however it's missing the real-time price updates.

Site like Cryptowatch or CryptoPrice (https://cryptoprice.io/) are nice for the real-time aggregate price updates across exchanges, however they are missing the portfolio tracking feature.

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

#82

Post by nicpottier »

chanfest22 wrote: post #56
nicpottier wrote: post #51

Earlier quoted context omitted.

Given how many people use offline wallets (in my case a paper wallet as well as a Trezor) seems like you need some way to let me mark transactions as "non sell" and "non buy" otherwise this really doesn't provide me much value.

You're right — we need to improve this. In the mean time, we allow users to track their offline/paper/hardware wallet addresses: www.cointracker.io/add_wallet so that those transfers are accounted for (currently have to add one address at a time)

Since best practices these days is to generate new receive addresses and never reuse them this feels pretty painful to me. But I appreciate it is a hard problem and the desire to really track absolutely everything.

But those BTC have gone through so many wallets since I first got them that I really don't have a full record, so please add a way for me to say "no, this isn't a sell and no this isn't a buy" instead of requiring a full trace of every address I've ever touched.

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

#83

Post by samgnesin »

This is awesome! We built a version of this and had a similar idea, but props to you guys for figuring this out!! We got stuck on how to handle sends and receives as we would need manual input to understand cost basis.

Something for my specific case:

- looks like you consider receives as a 1:1 cost basis. I haven’t taken a look at how your calculations work for taxes, but in my case, my cost basis is incorrect due to your assumption that it was a market-equilibrium cost.

Also, I recommend you guys consider creating feaux-wallets for payment methods (I.e bank accounts, credit cards etc). That gave me 100% accuracy for my net gain calculation.

Happy to chat if this doesn’t make sense or you’re curious!! Good luck on the project. Will be monitoring you guys.

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

#84

Post by htormey »

UX looks amazing guys, great job. Some feedback about the performance page:

1) It would be nice to see some information about what exchanges/wallets my coins are sitting on. i.e I use Binance/Bitterex, I could have purchased XMR on both.

2) I was prompted to import my trade history from Bitterex (I have worked with their API, it sucks so I feel for you having to work with it). I did that but I still get hit with this dialog on the performance page:

"We currently do not have the full deposit, withdrawal or trade history for some of your exchange accounts."

All of my coins are imported.

3) On mobile the Tax page has a bunch of CSS/layout errors on iOS (iPhone 6+). Lots of widgets are outside the margins.

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

#85

Post by oreo81 »

52-6F-62 wrote: post #77
flowctrl wrote: post #66

Earlier quoted context omitted.

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.

How does coin to coin fall under barter? What are you bartering? Coin to coin trades can't be taxed, since value is impossible to realize until after those coins are sold for a tangible asset.

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

#88

Post by tastyfreeze »

Dang, those are some steep prices. I can't say I am surprised in the frothy crypto space. Your closest competitor cointracking.info has a similar structure.

If you are going to offer managed accounts as well then why not offer a free tier for taxes to draw users?

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

#89

Post by oreo81 »

PKop wrote: post #54
chanfest22 wrote: post #37

Earlier quoted context omitted.

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?

Is there a section within the transaction list that makes this explicit? I'm confused.. I'm seeing "Sent to bitcoin address" for some external transactions to private wallet, but don't see a realized gain. Just want to be clear: is my final tax amount tainted by not including any external wallets that I've transferred ALL of my purchased bitcoin to? I only added coinbase and bittrex.. I need to add my wallets also?

It's important to realize that with crypto to crypto trades nothing of value is actually being exchanged yet, since that value can only be determined AFTER it's been sold for a tangible asset. So don't get scammed into thinking that you owe fiat money for crypto to crypto trades, its a ridiculous notion.

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

#90

Post by chanfest22 »

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?

The main difference comes down to user experience — it is much easier & simpler to use CoinTracker. Additionally, we offer free portfolio tracking so you can verify for yourself that we are actually doing everything accurately & try before you buy.
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