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

222 points by chanfest22 9y ago

Hi — we’re Chandan and Jon, co-founders of CoinTracker (https://www.cointracker.io https://www.cointracker.io). CoinTracker is a cryptocurrency portfolio manager that automatically pulls balances and transactions from top exchanges and wallets, and delivers tax information to users. We built CoinTracker because, as cryptocurrency investors, we were let down by the existing tools for basic performance tracking of our investments. We started by simply creating a spreadsheet that enabled manual entry of transactions, and eventually hacked away with Google Apps scripts to import prices from various exchanges. This quickly got out of hand, so we built our own tool. We casually told a few friends who are into cryptocurrency about it. They found it as useful as we did, and to our surprise started telling their friends about it. We started receiving a steady stream of feature requests, and since then we have been steadily improving CoinTracker. One of CoinTracker’s foundational aspects is that balances and transactions are automatically synced from exchanges and cryptocurrency wallets. Before CoinTracker, we hated the idea of manually entering every transaction into a tool. This approach also enables us to calculate cost basis, ROI, capital gains, and other tax-related information for you. There are technical challenges of ensuring that we correctly handle transfers between your wallets and transitively handle cost basis — something that a lot of other tools struggle to do correctly. We think this direction is enabling us to build the best cryptocurrency portfolio tracker with important services like taxes built on top. We'd love to get feedback from the HN community on CoinTracker and how we can improve. Thank you!

itamarst 9y ago
There are no cryptocurrency investors, because cryptocurrencies are not an investment, they are speculation. You have started a company to help people lose money. In the future, kindly use your enthusiasm and skills for something more useful.
- chanfest22 9y ago
  You may be right — the difference between investing and speculation is a fine line and buying and trading cryptocurrency is definitely risky business. We certainly don't deny that. Some pretty interesting industries have gotten bootstrapped with speculation though, and we are hopeful that more practical applications will develop in the future.
  - itamarst 9y ago
    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.
    - dang 9y ago
      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.html https://news.ycombinator.com/newsguidelines.html
      - probablynot 9y ago
        Are you just incapable of shutting the fuck up?
    - SimbaOnSteroids 9y ago
      That's a property any sort of investment. Do you decry the existence of Y-Combinator because the majority of the alumni's businesses will fail?
    - hodl 9y ago
      Solutions looking for a problem are OK and are a healthy part of the economy. In countries that have problems with their fiat currency, non government controlled currencies are quite useful. Especially as crypto cannot be confiscated.
      - anonytrary 9y ago
        Or, if you're a complete and utter pessimist: When there are too many solutions looking for a problem, it could also mean that there is too much money in the wrong hands.
- hisabness 9y ago
  ^this comment is not helpful
- liquidise 9y ago
  This is a shockingly dismissive comment for the space. I understand that cryptocurrencies are a divisive topic, particularly on HN. Dismissing the hard work of a startup showing off what i believe to be a well-executed marketing page and tool is not only shortsighted, but goes against the very philosophies of Hacker News in general.
  - itamarst 9y ago
    Well-executed marketing in the service of helping people lose their savings.
    - capoDanger 9y ago
      I hope no one is investing all of their savings in any one type of asset, let alone cryptocurrency. Generally people diversify their investments according to their risk-tolerance. I am fairly young and not that risk-averse but still only have a tiny fraction of my investment portfolio in cryptocurrency.
- dang 9y ago
  This breaks several of the site guidelines: obviously the ones about remaining civil, but also this: "Eschew flamebait. Don't introduce flamewar topics unless you have something genuinely new to say. Avoid unrelated controversies and generic tangents." Please read https://news.ycombinator.com/newsguidelines.html https://news.ycombinator.com/newsguidelines.html and take the spirit of this site to heart. It should work like this: if you have a substantive point to make, make it thoughtfully; if you don't, please don't comment until you do.
omarchowdhury 9y ago
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.
- chanfest22 9y ago
  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 https://www.cointracker.io/security) and commitments that we will never sell user data. In fact both Jon and I have backgrounds working on consumer-facing products at Google, and the huge pain point around UX in the cryptocurrency space is largely what drew us away from Google and into CoinTracker. If we were interesting in monetizing user trade data, we would either build a cryptocurrency hedge fund or partner with those types of investing institutions. We explicitly haven't done that and are committed to not doing so. Instead we have taken the route of building user-friendly consumer tools (starting with tax), with the hope that making the space slightly more accessible will help push the whole space forward.
  - ncallaway 9y ago
    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?
    - chanfest22 9y ago
      We have a paid tax service: www.cointracker.io/tax/package
hisabness 9y ago
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 available in your wallet option. -Most could probably get by with the exchanges you have listed so that's a a good thing I know you're just getting started, so I'm excited to see how your offering progresses. Good luck, and happy to talk more offline. Would also be interested in investing. Thanks.
- chanfest22 9y ago
  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 platform.
  - hisabness 9y ago
    cool. would love to see NEO (and related tokens), Stellar, ZEC,BCH, EOS (when they transition to their own chain), Dash, ADA, Monero, and Ripple for the XRP fan bois. Please do keep me posted in regard to investment opps. Thanks.
    - chanfest22 9y ago
      Awesome, thanks for this list! We will add all of them. In addition, what is the best way to get in touch with you (website?)
      - deleted 9y ago
        [deleted]
newyankee 9y ago
DM possible ?
- chanfest22 9y ago
  Feel free to reach out to us at feedback@cointracker.io
brianprovost 9y ago
Just signed up and added an exchange. It looks like for balances, you are using just the "free" amount instead of "free" and "locked". The result is that any bids are not reflected in the balance on CoinTracker. I have open orders out almost all the time. I'd recommend either using Free + Locked or at least making it an option. Looks good though, I will definitely use it if it can keep track of all of my trades and accurately reflect my balance.
- chanfest22 9y ago
  Great point! We need to add support for trades that are in stop/limit orders. We'll work on adding support for this.
  - brianprovost 9y ago
    Great, thanks!
a_d 9y ago
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 ones to get in. Retail was first. Consumer tools are an absolute necessity. Although, I wish these apps (incl CoinTracker) came with more warning (about scams) and helped people exercise more discretion (including a warning about too much exposure etc). 3. Taxes are a nightmare. Having a great tool to help with taxes helps everyone sleep better 4. Still in an early, immature, evolving [1] area. CoinTracker can be much more ambitious than their current version. Would love to learn more about the future roadmap. Congrats on the launch. May the force be with you. [1] https://blog.ycombinator.com/the-decentralized-future-series/ https://blog.ycombinator.com/the-decentralized-future-series...
- chanfest22 9y ago
  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 :)
  - a_d 9y ago
    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.
    - chanfest22 9y ago
      For #1 — there seems to be a strong need on both the retail side (folks who are day-trading or casually investing on the side) and on the institutional side (e.g. cryptocurrency hedge funds, etc.). So far we have focused on the retail use case For #4 — there are a lot of possibilities here, and a lot of it will depend on where our users guide us. Some areas that we will start testing with soon though are around roboinvesting, trade aggregation, and auditing. Would really welcome your thoughts and ideas here as well!
xur17 9y ago
Do you support bulk imports from csv or some other format? I currently use cointracking, and would love to try this out, but I have a decent number of transactions stored in Cointracking that I'd like to bring over. Also, I'm curious how you handle internal transactions for Ethereum contracts. Specifically I have a large number of transactions with Ethereum contracts that I had to write several hundred lines of code to correctly export to csv because none of the existing solutions support this properly.
- chanfest22 9y ago
  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?
  - xur17 9y ago
    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 9y ago
      [deleted]
nicpottier 9y ago
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?
- chanfest22 9y ago
  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?
  - nicpottier 9y ago
    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.
    - chanfest22 9y ago
      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)
      - nicpottier 9y ago
        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.
osrec 9y ago
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!
- chanfest22 9y ago
  Thanks! I'd love to better understand the bulk wallet use case. Do you have them stored in a database or CSV file somewhere?
  - osrec 9y ago
    Yes, a MySQL database.
    - chanfest22 9y ago
      Understood; if we offered a CSV upload option for your wallets would that solve the issue or do you need something that dynamically updates and syncs regularly?
      - osrec 9y ago
        That would do it. Basically, for anyone with a largish holding, this is a way to manage operational risk. In my particular use case, wallets are numerous, but not constantly changing.
      - jeffshek 9y ago
        Obviously, you guys are all super talented! But just be careful with the crypto space and any place you allow anything to be uploaded from anyone (even if your customers) ...
treepunch 9y ago
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.
- chanfest22 9y ago
  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
- meritt 9y ago
  Yeah the pricing is absurd. It should be related to capital gains and not simply the amount of transactions. I have a very large number of transactions (algorithmic trading) with a tiny profit. At this point just going to write a simple script to generate the 8949 from the exchange myself.
  - lavezzi 9y ago
    Even the pricing for transactions is so much higher than other offerings. Why pay $1k per year when I could have bought a lifetime "guaranteed" unlimited subscription to Cointracking for $1700 a few days ago.
encoderer 9y ago
Congrats on shipping. Total footnote, but having built a product on a .io domain, I wouldn't do it again.
- chanfest22 9y ago
  Interesting; how come? We aren't necessarily tied to our domain name, just curious.
  - encoderer 9y ago
    A history of poor ops practices and unreliability. In the last year there was one incident where somebody was able to register their root name servers as their own, and another where they stopped resolving requests for a large portion of the internet (mid-October sometime). From a marketing point of view, I didn't appreciate it before talking to "regular sales prospects" but in our space at least there is a connotation to it. One quote I remember was that we were "a little expensive for a .io". Ultimately we have stuck with it due to sunk cost.
zitterbewegung 9y ago
Why should I trust you with my data from Coinbase and or my google account and why?
- chanfest22 9y ago
  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 of portfolio management and tax information) that it is worthwhile for you to track your exchanges/wallets/cryptocurrency on CoinTracker. We take measures to protect your security: www.cointracker.io/security If you don't see value in the service, that is useful feedback for us and we'd love to know
  - zitterbewegung 9y ago
    So you have a paid service to calculate a persons taxes. This is offered on https://www.bitcoin.tax 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?
    - htormey 9y ago
      I just used bitcoin.tax to calculate my 2017 returns, it has a terrible UX and also does not offer a real time portfolio monitoring service. They also have grander ambitions to offer a portfolio investment service.
    - chanfest22 9y ago
      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.
dharma1 9y ago
Cool. How does the read-only access work?
- chanfest22 9y ago
  For Coinbase we request the Read Permission from Coinbase Connect (OAuth2 flow). For the rest of the exchanges we request the user to add their API keys with restrictions for view only access (enforced by the exchanges). The instructions are listed for each exchange when you add them from the wallets page: www.cointracker.io/wallets
  - Klonoar 9y ago
    Mmmm, I've a similar product to yours (and the myriad of other products like this). One thing pretty much everyone gets wrong is that many of these exchanges don't actually offer read-only keys, and saying so is wildly inaccurate. Case-in-point is Gemini, which anyone asking for the keys requests Trader level privileges. This simply blocks withdrawing; a malicious actor could still execute a trade if they got ahold of your keys, and due to the nature of it all that's very no bueno for you. Each and every single one of these products should be badgering exchanges to support true read-only keys (or OAuth, as much as I hate the spec). I've personally emailed each one, and I dunno who else is doing so, but I'd encourage you to alter your documentation slightly and to badger the exchanges as well. Otherwise, neat product. Congrats on launching. :)
flowctrl 9y ago
The USA is taxing every trade. In Canada (according to my accountant, at least), cryptocurrency gains are only taxable when "realized" by selling into fiat (capital gains), or spending on goods and services (income). Until that point, they are considered intangible assets and not subject to tax. A USA/non-USA (or taxable trades vs only fiat trades) switch feature would be nice, to account for the different approach to taxation.
- 52-6F-62 9y ago
  >In Canada (according to my accountant, at least), cryptocurrency gains are only taxable when "realized" I'm not 100% sure about this point. The issue was raised to me before when I was looking into it— crypto-currencies may fall under barter tax law. https://www.taxtips.ca/personaltax/barter.htm https://www.taxtips.ca/personaltax/barter.htm https://www.canada.ca/en/revenue-agency/news/newsroom/fact-sheets/fact-sheets-2013/what-you-should-know-about-digital-currency.html https://www.canada.ca/en/revenue-agency/news/newsroom/fact-s... https://www.canada.ca/en/financial-consumer-agency/services/payment/digital-currency.html https://www.canada.ca/en/financial-consumer-agency/services/...
  - flowctrl 9y ago
    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 income (just like bartering), taxable in equivalent CAD value at the time of the transaction. Trading crypto for other crypto is _not_ a goods or service, since crypto is treated as an intangible asset or commodity. The third link is also consistent with this view: "Buying and selling digital currency like a commodity When you file your taxes you must report any gains or losses from selling or buying digital currencies. Digital currencies are considered a commodity and are subject to the barter rules of the Income Tax Act. Not reporting income from such transactions is illegal." In order to be considered a "gain" or a "loss", according to my accountant, the commodity must be realized into fiat money. "Selling or buying" means selling into fiat or buying with fiat. "Bartering" means trading for goods or services -- crypto is not considered to be goods or services.
lettergram 9y ago
If you're looking for investment advice, news updates, expert opinion tracking, etc. (Essentially everything that doesn't touch money directly). I built a platform: https://projectpiglet.com/ https://projectpiglet.com/ Speaking of which, if anyone from the CoinTracker team is interested - I never want to touch money, so I don't feel we are competitors. I'd be happy to work with you to provide a "news feed" feature, and a lot of additional analytics (obviously, we'd work something out).
asasidh 9y ago
how do you differentiate from Libra tax that provides this service for free and others like bitcoin.tax ?
- htormey 9y ago
  Well if you link via the API, they give you an overview of your portfolio.
tyrust 9y ago
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 (https://www.cointracker.io/prices https://www.cointracker.io/prices).
- chanfest22 9y ago
  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
  - tyrust 9y ago
    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.
conanbatt 9y ago
Great idea. Highly automatized work that is very hard to do by hand and provides a concrete service. I admit I find it interesting that Sam Altman is outspoken against crypto yet YC funds these endeavors.
- lettergram 9y ago
  Should always hedge the bets. Just because someone doesn't think somethings a good idea wont keep people from making money. For instance, I'm still trying to figure out how Docker is better than a full VM. And I personally question cryptocurrencies myself, but I still built a system to track them.
navpan01 9y ago
Great tool!! Good UX and this integrated view across exchanges is what I was looking for. Thanks guys!!
htormey 9y ago
Love the concept. Do you guys have any plans for a mobile app? Update: Oh I just read through your FAQ and you plan on launching one soon. Any ETA on that?
Outofthebot 9y ago
Looks absolutely amazing. Eagerly awaiting wallet monitoring for more currencies
htormey 9y ago
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 investing advise that you have to be wary of?
- chanfest22 9y ago
  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)
  - htormey 9y ago
    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?
ertand 9y ago
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?
- tesrx 9y ago
  The tracker is awesome, however it's missing the real-time price updates. Site like Cryptowatch or CryptoPrice (https://cryptoprice.io/ https://cryptoprice.io/) are nice for the real-time aggregate price updates across exchanges, however they are missing the portfolio tracking feature.
- chanfest22 9y ago
  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.
willyyr 9y ago
Hi Chandan, great to see you put the domain to a good use and making it to YC W18 :). Congrats on the launch.
samgnesin 9y ago
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.
htormey 9y ago
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.
biggodoggo 9y ago
I'd love to see more support for different wallets, It's generally bad practice to keep things on the exchanges as they aren't the most trustworthy bunch.
makkesk8 9y ago
Great UI! Finally a competitor to altpocket :)
tastyfreeze 9y ago
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?
charleyma 9y ago
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?
- chanfest22 9y ago
  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.
giffarage 9y ago
Great tool! It'd be very helpful to have Uphold available as an exchange.
nickreese 9y ago
Overall, 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.
- chanfest22 9y ago
  Sorry about that! Drop us a line at feedback@cointracker.io and we'll figure out what we did wrong here.
  - jeffshek 9y ago
    Just as an FYI - exporting from Binance doesn't always include everything (even though you're hitting export all). There's an obvious bug somewhere in their code that sometimes forgets pairs. I found this after pulling my hair out for 4 hours a month ago.
hollandaise 9y ago
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 https://www.producthunt.com/posts/yaxreturns. And our video walkthrough: https://www.youtube.com/watch?v=vViXhiMNufo https://www.youtube.com/watch?v=vViXhiMNufo Website: https://yaxreturns.com/ 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!
- htormey 9y ago
  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.
  - hollandaise 9y ago
    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 https://yaxreturns.com
jzig 9y ago
Feature Request: Tracking extended public keys.
- nobrains 9y ago
  Yes please. Cryptoport does that.
sputknick 9y ago
I could have really used this a few months ago. Definitely a market for this. Best of luck to you.
kang 9y ago
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).
- phn 9y ago
  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.
  - kang 9y ago
    The least we can say is satoshi's whitepaper lists eliminating financial intermediaries as the prime motive, in the first paragraph itself.
    - phn 9y ago
      Well, my point still stands. Taxes are not a financial intermediary. Taxes are something a government charges to fund a country, even though some of them may be charged when you move money around. I understand that we can somewhat envision a self-governing crypto-nation, but even that doesn't imply lack of taxation.
- sdsad46464 9y ago
  Oh boy, you are not helping the cryptocurrency community with that extremist line of thinking...
idonotknowwhy 9y ago
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?
- trothamel 9y ago
  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.
  - idonotknowwhy 9y ago
    Yeah thanks, that's sort of what I'm thinking of doing. I got most of then when bitcoin was $80 - $900, so I don't mind over pay tax. Just don't want my bank accounts frozen, assets seized, and to have to prove I'm not a drug dealer or something.
    - htormey 9y ago
      Listen to this podcast that Tyson and Jason (2 tax cpas who do a lot crypto) did: https://www.breaker.audio/unchained-big-ideas-from-the-worlds-of-blockchain-and/e/30531723 https://www.breaker.audio/unchained-big-ideas-from-the-world... It talks about this scenario. I’d also consider just hiring one of them.
simonebrunozzi 9y ago
You should treat transfers from one exchange to another as NOT a taxable event. Also, you should give users the option to decide whether they want to consider crypto-to-crypto transactions as in-kind (and not a taxable event) for 2017 (US residents). Finally - ask the user whether they are a US resident or not. A lot changes based on that. Good job. Ping me if you want more detailed feedback (my HN username @ gmail).
- colecut 9y ago
  "Also, you should give users the option to decide whether they want to consider crypto-to-crypto transactions as in-kind (and not a taxable event) for 2017 (US residents)." Don't most official statements make it clear that crypto-to-crypto transactions are indeed taxable events in the United States?
heelhook 9y ago
Hey guys, is this open source? any chance I can send a PR to add another exchange you don't currently support (like CEX)?
askmike 9y ago
Tax in the US works very different from most other places as far as I know. In my country (NL) you only report how much assets you have at the end of the year (wealth tax) as investing in crypto with a profit is not considered income. My advice would be to separate the US tax stuff from the rest, so that the rest of the world can also use it.
omdv 9y ago
Good product, but still can't beat Cointracking in my opinion by number of features, supported APIs and looks less polished. The pricing ($1k? seriously?) is non competitive, either. Cointracking prices are quite ridiculous as well. It's good to see a competition, but overall I feel like the early adopters community so far is being screwed by startups like this. $1k for a glorified excel spreadsheet is a joke
tharindufit 9y ago
Interesting!. I have also developed a simpler and elegant cryptocurrency portfolio tracker app in last September 2017 with same name CoinTracker and available on Apple AppStore and Google Playstore (a version of the same app, which one of my friend did). You might also like to check it out and give a feedback [CoinTracker](https://cointracker.cash https://cointracker.cash) But, the domain is .cash :-)
- htormey 9y ago
  This is a totally different product. Your app looks very nice but it is similar to hodl, a mobile app where you have to manually input coins one by one. The cointracker.io people import from exchanges, wallets via APIs and cab file import. Which allows you to track your positions without all the manual labor of inputting them one by one. They are also selling a tax service for us customers. Hopefully you guys can work something out about the whole naming thing.
  - tharindufit 9y ago
    Yes. It is slightly different in function, but basically the same main functionality in a different way probably. The name is fine anyway.
JoeyPardella 9y ago
Lack of support for XRP wallet address (like xrp on Ledger hardware wallet) is a big problem for me.
xwvvvvwx 9y ago
This looks super useful, when are you planning on releasing a mobile app? Need to be able to obsessively check the price when I’m out and about
Hydraulix989 9y ago
How are "air drops" like BCH handled in CoinTracker for tax management purposes, given the IRS has yet to issue any guidance on how they should be taxed?
rrggrr 9y ago
Tax form generation isn't working, which sucks. But the UI and everything else is nice. Would be good to view gains by date ranges (Eg. month, prior year, etc.) Would also be good to login in via method other than Coinbase after the fact.
avenoir 9y ago
I've been using cointracking.info up until now, but this is just amazing. Great work! Will you be supporting Huobi in the near future? And can you add a "When Lambo" indicator next to each crypto asset?
tzumby 9y ago
What I would expect from a tool like this is data encryption using a client side generated private key. I understand this would complicate things like calculations/visualizations, but since you're dealing with pretty sensitive data I think it would be worthwhile.
- jonlerner 9y ago
  That’s a fair point. We are starting off with the centralized model, but in the longer run we are definitely thinking about if we can take a more decentralized approach to this problem too.
donatj 9y ago
Dumb question but is there a way to import the tax information this generates into TurboTax?
- jonlerner 9y ago
  We plan to add an export option for TurboTax as soon as possible - we should have it in the next 1-2 weeks.
  - donatj 9y ago
    This literally makes my day! Thank you guys so much!
Danilka 9y ago
Finally I know if I'm making money or not. You guys will do great!
dmichulke 9y ago
For those on the opposite side of the privacy and tax spectrum, there is also a portfolio tracker (which I wrote) that is doing the opposite: A static HTML Website where you save your portfolio via a bookmark. - No tracking (no cookies, no emails, no JS* ) - Fast (~ 2 kB download) - Cross-Platform ;-) http://www.cryptoport.net http://www.cryptoport.net * There is JS on the landing page to generate the link for your portfolio. The portfolio page itself is free of JS.
- asymmetric 9y ago
  Nice idea, but you should support HTTPS. People are entering their balances and I for one wouldn’t wanna be snooped!
  - dmichulke 9y ago
    I fully agree, will probably happen within the next few weeks.
    - prophesi 9y ago
      It likely will only take you an hour at most with LetsEncrypt. Why wait that long?
      - dmichulke 9y ago
        It's done!
        prophesi 9y ago
        Awesome! I'd also recommend having all HTTP requests redirect to HTTPS, but I know that can be a little tricky if you're not too familiar with configuring your web server, and can be difficult to fix if something goes awry.
        dmichulke 9y ago
tommygunz99 9y ago
My use case is also tax reporting. Like others I’m getting numbers I suspect to be inaccurate. I think the flaw may be this: I assume you’re calculating cost basis and gains on a broad set of the cryptocurrencies (including Neo, Ripple, etc) that are traded on these exchanges. But when the coins leave the exchange you count it as a sale unless you can see the receiving end of that same transaction in one of the user’s wallets. But you only support reading from wallets/blockchain for a subset of the coins (btc, eth, ltc). So you’re counting fake gains anytime a user sends any of the non-btc|eth|ltc coins for storage. Like others have said, you probably don’t want to assume that any outbound transaction from an exchange is a sale that should be taxed. Generally it may be difficult to get people to pay $150 with issues like this popping up. You could consider some combination of: -give a bit more info about the tax reporting before requesting payment, enough to convince users it’s calculated correctly - clearly outline the scenarios where users will get flawed tax info in help docs - flag uncertain items for individual clarification by the user in your UI a la Turbotax (“we couldn’t find a recipient for your Neo transaction on Aug 20– did you send this to another person or business?”) -offer the first year free to get help from folks ironing out these kinks, but try to establish lock in to get return business next year
- jonlerner 9y ago
  This is great feedback, and you're totally right about your understanding of the problem. We do rely on having a full picture of all your exchanges and wallets for all the calculations to work correctly. For crypto wallets that we don't support, we recommend for now manually entering the transactions from those wallets. We plan to support more wallets in the near future. We have some more info on this issue in our FAQ: https://www.cointracker.io/faq#cost-basis-wrong https://www.cointracker.io/faq#cost-basis-wrong We will also make it clearer to the user when we see there are outgoing transactions that may indicate a missing wallet / exchange.
oscarteg 9y ago
This is exactly what is was trying to build for myself. I saw that no tracker was simple and still full of functions. Except for the tax part. I'm still building my own but you gave me allot of great ideas
qwtel 9y ago
I wrote my own tool to basically do the same, but it can't handle certain advanced optimisations. Curious if you support the following: Can you optimise the cost basis under the constraint of coins being in different wallets at different times? (e.g. I have an expensive tranche of coins that would minimise my tax when matched with a certain sell, but those coins were not in the exchange at the time, hence I can't argue that these were the coins I sold) Further, when moving funds between exchanges, can you pick the tranches so that the cost basis gets optimised from sales on that exchange on later trades?
i_shankar 9y ago
Nice!
pteredactyl 9y ago
I made something similar ( in about a week ) where all data you input is stored locally in your browser via localstorage. There's a websocket connection pushing down real-time market data every second. https://localcoinportfolio.com https://localcoinportfolio.com It's free, open source and is about 12kb total. https://https://github.com/59023g/local-crypto-wallet https://https://github.com/59023g/local-crypto-wallet
lug0r 9y ago
Why does noone support BitMEX? Derivatives are expicially interesting when it comes to taxation.
slavoingilizov 9y ago
This is truly great! I was trying to do something similar with the Portfolio feature of livecoinwatch.com, but they don't let you enter crypto/crypto trades and are much harder to use. Good luck with the development of it, but as a user, I'm absolutely happy!
migz 9y ago
I was just thinking about this idea today! its nice that someone has finally made it easier for people to start following their money! i am lost :D will try this out!
Moter8 9y ago
Why are you hiding the prices page for after sign up AND for after importing everything, and then why the HELL are you hiding the credit card purchases behind a "Getting Started" button? Possibly illegal in some countries (Germany comes to mind), the only thing "saving" you is that Stripe's purchase dialog says "Pay 29,00$".

222 points by chanfest22 9y ago

itamarst 9y ago

There are no cryptocurrency investors, because cryptocurrencies are not an investment, they are speculation. You have started a company to help people lose money. In the future, kindly use your enthusiasm and skills for something more useful.

chanfest22 9y ago
You may be right — the difference between investing and speculation is a fine line and buying and trading cryptocurrency is definitely risky business. We certainly don't deny that. Some pretty interesting industries have gotten bootstrapped with speculation though, and we are hopeful that more practical applications will develop in the future.
- itamarst 9y ago
  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.
  - dang 9y ago
    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.html https://news.ycombinator.com/newsguidelines.html
    - probablynot 9y ago
      Are you just incapable of shutting the fuck up?
  - SimbaOnSteroids 9y ago
    That's a property any sort of investment. Do you decry the existence of Y-Combinator because the majority of the alumni's businesses will fail?
  - hodl 9y ago
    Solutions looking for a problem are OK and are a healthy part of the economy. In countries that have problems with their fiat currency, non government controlled currencies are quite useful. Especially as crypto cannot be confiscated.
    - anonytrary 9y ago
      Or, if you're a complete and utter pessimist: When there are too many solutions looking for a problem, it could also mean that there is too much money in the wrong hands.
hisabness 9y ago
^this comment is not helpful
liquidise 9y ago
This is a shockingly dismissive comment for the space. I understand that cryptocurrencies are a divisive topic, particularly on HN. Dismissing the hard work of a startup showing off what i believe to be a well-executed marketing page and tool is not only shortsighted, but goes against the very philosophies of Hacker News in general.
- itamarst 9y ago
  Well-executed marketing in the service of helping people lose their savings.
  - capoDanger 9y ago
    I hope no one is investing all of their savings in any one type of asset, let alone cryptocurrency. Generally people diversify their investments according to their risk-tolerance. I am fairly young and not that risk-averse but still only have a tiny fraction of my investment portfolio in cryptocurrency.
dang 9y ago
This breaks several of the site guidelines: obviously the ones about remaining civil, but also this: "Eschew flamebait. Don't introduce flamewar topics unless you have something genuinely new to say. Avoid unrelated controversies and generic tangents." Please read https://news.ycombinator.com/newsguidelines.html https://news.ycombinator.com/newsguidelines.html and take the spirit of this site to heart. It should work like this: if you have a substantive point to make, make it thoughtfully; if you don't, please don't comment until you do.

omarchowdhury 9y ago

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.

chanfest22 9y ago
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 https://www.cointracker.io/security) and commitments that we will never sell user data. In fact both Jon and I have backgrounds working on consumer-facing products at Google, and the huge pain point around UX in the cryptocurrency space is largely what drew us away from Google and into CoinTracker. If we were interesting in monetizing user trade data, we would either build a cryptocurrency hedge fund or partner with those types of investing institutions. We explicitly haven't done that and are committed to not doing so. Instead we have taken the route of building user-friendly consumer tools (starting with tax), with the hope that making the space slightly more accessible will help push the whole space forward.
- ncallaway 9y ago
  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?
  - chanfest22 9y ago
    We have a paid tax service: www.cointracker.io/tax/package

hisabness 9y ago

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 available in your wallet option. -Most could probably get by with the exchanges you have listed so that's a a good thing I know you're just getting started, so I'm excited to see how your offering progresses. Good luck, and happy to talk more offline. Would also be interested in investing. Thanks.

chanfest22 9y ago
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 platform.
- hisabness 9y ago
  cool. would love to see NEO (and related tokens), Stellar, ZEC,BCH, EOS (when they transition to their own chain), Dash, ADA, Monero, and Ripple for the XRP fan bois. Please do keep me posted in regard to investment opps. Thanks.
  - chanfest22 9y ago
    Awesome, thanks for this list! We will add all of them. In addition, what is the best way to get in touch with you (website?)
    - deleted 9y ago
      [deleted]

newyankee 9y ago

DM possible ?

chanfest22 9y ago
Feel free to reach out to us at feedback@cointracker.io

brianprovost 9y ago

Just signed up and added an exchange. It looks like for balances, you are using just the "free" amount instead of "free" and "locked". The result is that any bids are not reflected in the balance on CoinTracker. I have open orders out almost all the time. I'd recommend either using Free + Locked or at least making it an option. Looks good though, I will definitely use it if it can keep track of all of my trades and accurately reflect my balance.

chanfest22 9y ago
Great point! We need to add support for trades that are in stop/limit orders. We'll work on adding support for this.
- brianprovost 9y ago
  Great, thanks!

a_d 9y ago

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 ones to get in. Retail was first. Consumer tools are an absolute necessity. Although, I wish these apps (incl CoinTracker) came with more warning (about scams) and helped people exercise more discretion (including a warning about too much exposure etc). 3. Taxes are a nightmare. Having a great tool to help with taxes helps everyone sleep better 4. Still in an early, immature, evolving [1] area. CoinTracker can be much more ambitious than their current version. Would love to learn more about the future roadmap. Congrats on the launch. May the force be with you. [1] https://blog.ycombinator.com/the-decentralized-future-series/ https://blog.ycombinator.com/the-decentralized-future-series...

chanfest22 9y ago
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 :)
- a_d 9y ago
  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.
  - chanfest22 9y ago
    For #1 — there seems to be a strong need on both the retail side (folks who are day-trading or casually investing on the side) and on the institutional side (e.g. cryptocurrency hedge funds, etc.). So far we have focused on the retail use case For #4 — there are a lot of possibilities here, and a lot of it will depend on where our users guide us. Some areas that we will start testing with soon though are around roboinvesting, trade aggregation, and auditing. Would really welcome your thoughts and ideas here as well!

xur17 9y ago

Do you support bulk imports from csv or some other format? I currently use cointracking, and would love to try this out, but I have a decent number of transactions stored in Cointracking that I'd like to bring over. Also, I'm curious how you handle internal transactions for Ethereum contracts. Specifically I have a large number of transactions with Ethereum contracts that I had to write several hundred lines of code to correctly export to csv because none of the existing solutions support this properly.

chanfest22 9y ago
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?
- xur17 9y ago
  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 9y ago
    [deleted]

nicpottier 9y ago

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?

chanfest22 9y ago
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?
- nicpottier 9y ago
  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.
  - chanfest22 9y ago
    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)
    - nicpottier 9y ago
      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.

osrec 9y ago

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!

chanfest22 9y ago
Thanks! I'd love to better understand the bulk wallet use case. Do you have them stored in a database or CSV file somewhere?
- osrec 9y ago
  Yes, a MySQL database.
  - chanfest22 9y ago
    Understood; if we offered a CSV upload option for your wallets would that solve the issue or do you need something that dynamically updates and syncs regularly?
    - osrec 9y ago
      That would do it. Basically, for anyone with a largish holding, this is a way to manage operational risk. In my particular use case, wallets are numerous, but not constantly changing.
    - jeffshek 9y ago
      Obviously, you guys are all super talented! But just be careful with the crypto space and any place you allow anything to be uploaded from anyone (even if your customers) ...

treepunch 9y ago

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.

chanfest22 9y ago
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
meritt 9y ago
Yeah the pricing is absurd. It should be related to capital gains and not simply the amount of transactions. I have a very large number of transactions (algorithmic trading) with a tiny profit. At this point just going to write a simple script to generate the 8949 from the exchange myself.
- lavezzi 9y ago
  Even the pricing for transactions is so much higher than other offerings. Why pay $1k per year when I could have bought a lifetime "guaranteed" unlimited subscription to Cointracking for $1700 a few days ago.

encoderer 9y ago

Congrats on shipping. Total footnote, but having built a product on a .io domain, I wouldn't do it again.

chanfest22 9y ago
Interesting; how come? We aren't necessarily tied to our domain name, just curious.
- encoderer 9y ago
  A history of poor ops practices and unreliability. In the last year there was one incident where somebody was able to register their root name servers as their own, and another where they stopped resolving requests for a large portion of the internet (mid-October sometime). From a marketing point of view, I didn't appreciate it before talking to "regular sales prospects" but in our space at least there is a connotation to it. One quote I remember was that we were "a little expensive for a .io". Ultimately we have stuck with it due to sunk cost.

zitterbewegung 9y ago

Why should I trust you with my data from Coinbase and or my google account and why?

chanfest22 9y ago
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 of portfolio management and tax information) that it is worthwhile for you to track your exchanges/wallets/cryptocurrency on CoinTracker. We take measures to protect your security: www.cointracker.io/security If you don't see value in the service, that is useful feedback for us and we'd love to know
- zitterbewegung 9y ago
  So you have a paid service to calculate a persons taxes. This is offered on https://www.bitcoin.tax 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?
  - htormey 9y ago
    I just used bitcoin.tax to calculate my 2017 returns, it has a terrible UX and also does not offer a real time portfolio monitoring service. They also have grander ambitions to offer a portfolio investment service.
  - chanfest22 9y ago
    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.

dharma1 9y ago

Cool. How does the read-only access work?

chanfest22 9y ago
For Coinbase we request the Read Permission from Coinbase Connect (OAuth2 flow). For the rest of the exchanges we request the user to add their API keys with restrictions for view only access (enforced by the exchanges). The instructions are listed for each exchange when you add them from the wallets page: www.cointracker.io/wallets
- Klonoar 9y ago
  Mmmm, I've a similar product to yours (and the myriad of other products like this). One thing pretty much everyone gets wrong is that many of these exchanges don't actually offer read-only keys, and saying so is wildly inaccurate. Case-in-point is Gemini, which anyone asking for the keys requests Trader level privileges. This simply blocks withdrawing; a malicious actor could still execute a trade if they got ahold of your keys, and due to the nature of it all that's very no bueno for you. Each and every single one of these products should be badgering exchanges to support true read-only keys (or OAuth, as much as I hate the spec). I've personally emailed each one, and I dunno who else is doing so, but I'd encourage you to alter your documentation slightly and to badger the exchanges as well. Otherwise, neat product. Congrats on launching. :)

flowctrl 9y ago

The USA is taxing every trade. In Canada (according to my accountant, at least), cryptocurrency gains are only taxable when "realized" by selling into fiat (capital gains), or spending on goods and services (income). Until that point, they are considered intangible assets and not subject to tax. A USA/non-USA (or taxable trades vs only fiat trades) switch feature would be nice, to account for the different approach to taxation.

52-6F-62 9y ago
>In Canada (according to my accountant, at least), cryptocurrency gains are only taxable when "realized" I'm not 100% sure about this point. The issue was raised to me before when I was looking into it— crypto-currencies may fall under barter tax law. https://www.taxtips.ca/personaltax/barter.htm https://www.taxtips.ca/personaltax/barter.htm https://www.canada.ca/en/revenue-agency/news/newsroom/fact-sheets/fact-sheets-2013/what-you-should-know-about-digital-currency.html https://www.canada.ca/en/revenue-agency/news/newsroom/fact-s... https://www.canada.ca/en/financial-consumer-agency/services/payment/digital-currency.html https://www.canada.ca/en/financial-consumer-agency/services/...
- flowctrl 9y ago
  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 income (just like bartering), taxable in equivalent CAD value at the time of the transaction. Trading crypto for other crypto is _not_ a goods or service, since crypto is treated as an intangible asset or commodity. The third link is also consistent with this view: "Buying and selling digital currency like a commodity When you file your taxes you must report any gains or losses from selling or buying digital currencies. Digital currencies are considered a commodity and are subject to the barter rules of the Income Tax Act. Not reporting income from such transactions is illegal." In order to be considered a "gain" or a "loss", according to my accountant, the commodity must be realized into fiat money. "Selling or buying" means selling into fiat or buying with fiat. "Bartering" means trading for goods or services -- crypto is not considered to be goods or services.

lettergram 9y ago

If you're looking for investment advice, news updates, expert opinion tracking, etc. (Essentially everything that doesn't touch money directly). I built a platform: https://projectpiglet.com/ https://projectpiglet.com/ Speaking of which, if anyone from the CoinTracker team is interested - I never want to touch money, so I don't feel we are competitors. I'd be happy to work with you to provide a "news feed" feature, and a lot of additional analytics (obviously, we'd work something out).

asasidh 9y ago

how do you differentiate from Libra tax that provides this service for free and others like bitcoin.tax ?

htormey 9y ago
Well if you link via the API, they give you an overview of your portfolio.

tyrust 9y ago

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 (https://www.cointracker.io/prices https://www.cointracker.io/prices).

chanfest22 9y ago
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
- tyrust 9y ago
  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.

conanbatt 9y ago

Great idea. Highly automatized work that is very hard to do by hand and provides a concrete service. I admit I find it interesting that Sam Altman is outspoken against crypto yet YC funds these endeavors.

lettergram 9y ago
Should always hedge the bets. Just because someone doesn't think somethings a good idea wont keep people from making money. For instance, I'm still trying to figure out how Docker is better than a full VM. And I personally question cryptocurrencies myself, but I still built a system to track them.

navpan01 9y ago

Great tool!! Good UX and this integrated view across exchanges is what I was looking for. Thanks guys!!

htormey 9y ago

Love the concept. Do you guys have any plans for a mobile app? Update: Oh I just read through your FAQ and you plan on launching one soon. Any ETA on that?

Outofthebot 9y ago

Looks absolutely amazing. Eagerly awaiting wallet monitoring for more currencies

htormey 9y ago

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 investing advise that you have to be wary of?

chanfest22 9y ago
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)
- htormey 9y ago
  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?

ertand 9y ago

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?

tesrx 9y ago
The tracker is awesome, however it's missing the real-time price updates. Site like Cryptowatch or CryptoPrice (https://cryptoprice.io/ https://cryptoprice.io/) are nice for the real-time aggregate price updates across exchanges, however they are missing the portfolio tracking feature.
chanfest22 9y ago
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.

willyyr 9y ago

Hi Chandan, great to see you put the domain to a good use and making it to YC W18 :). Congrats on the launch.

samgnesin 9y ago

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.

htormey 9y ago

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.

biggodoggo 9y ago

I'd love to see more support for different wallets, It's generally bad practice to keep things on the exchanges as they aren't the most trustworthy bunch.

makkesk8 9y ago

Great UI! Finally a competitor to altpocket :)

tastyfreeze 9y ago

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?

charleyma 9y ago

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?

chanfest22 9y ago
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.

giffarage 9y ago

Great tool! It'd be very helpful to have Uphold available as an exchange.

nickreese 9y ago

Overall, 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.

chanfest22 9y ago
Sorry about that! Drop us a line at feedback@cointracker.io and we'll figure out what we did wrong here.
- jeffshek 9y ago
  Just as an FYI - exporting from Binance doesn't always include everything (even though you're hitting export all). There's an obvious bug somewhere in their code that sometimes forgets pairs. I found this after pulling my hair out for 4 hours a month ago.

hollandaise 9y ago

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 https://www.producthunt.com/posts/yaxreturns. And our video walkthrough: https://www.youtube.com/watch?v=vViXhiMNufo https://www.youtube.com/watch?v=vViXhiMNufo Website: https://yaxreturns.com/ 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!

htormey 9y ago
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.
- hollandaise 9y ago
  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 https://yaxreturns.com

jzig 9y ago

Feature Request: Tracking extended public keys.

nobrains 9y ago
Yes please. Cryptoport does that.

sputknick 9y ago

I could have really used this a few months ago. Definitely a market for this. Best of luck to you.

kang 9y ago

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).

phn 9y ago
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.
- kang 9y ago
  The least we can say is satoshi's whitepaper lists eliminating financial intermediaries as the prime motive, in the first paragraph itself.
  - phn 9y ago
    Well, my point still stands. Taxes are not a financial intermediary. Taxes are something a government charges to fund a country, even though some of them may be charged when you move money around. I understand that we can somewhat envision a self-governing crypto-nation, but even that doesn't imply lack of taxation.
sdsad46464 9y ago
Oh boy, you are not helping the cryptocurrency community with that extremist line of thinking...

idonotknowwhy 9y ago

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?

trothamel 9y ago
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.
- idonotknowwhy 9y ago
  Yeah thanks, that's sort of what I'm thinking of doing. I got most of then when bitcoin was $80 - $900, so I don't mind over pay tax. Just don't want my bank accounts frozen, assets seized, and to have to prove I'm not a drug dealer or something.
  - htormey 9y ago
    Listen to this podcast that Tyson and Jason (2 tax cpas who do a lot crypto) did: https://www.breaker.audio/unchained-big-ideas-from-the-worlds-of-blockchain-and/e/30531723 https://www.breaker.audio/unchained-big-ideas-from-the-world... It talks about this scenario. I’d also consider just hiring one of them.

simonebrunozzi 9y ago

You should treat transfers from one exchange to another as NOT a taxable event. Also, you should give users the option to decide whether they want to consider crypto-to-crypto transactions as in-kind (and not a taxable event) for 2017 (US residents). Finally - ask the user whether they are a US resident or not. A lot changes based on that. Good job. Ping me if you want more detailed feedback (my HN username @ gmail).

colecut 9y ago
"Also, you should give users the option to decide whether they want to consider crypto-to-crypto transactions as in-kind (and not a taxable event) for 2017 (US residents)." Don't most official statements make it clear that crypto-to-crypto transactions are indeed taxable events in the United States?

heelhook 9y ago

Hey guys, is this open source? any chance I can send a PR to add another exchange you don't currently support (like CEX)?

askmike 9y ago

Tax in the US works very different from most other places as far as I know. In my country (NL) you only report how much assets you have at the end of the year (wealth tax) as investing in crypto with a profit is not considered income. My advice would be to separate the US tax stuff from the rest, so that the rest of the world can also use it.

omdv 9y ago

Good product, but still can't beat Cointracking in my opinion by number of features, supported APIs and looks less polished. The pricing ($1k? seriously?) is non competitive, either. Cointracking prices are quite ridiculous as well. It's good to see a competition, but overall I feel like the early adopters community so far is being screwed by startups like this. $1k for a glorified excel spreadsheet is a joke

tharindufit 9y ago

Interesting!. I have also developed a simpler and elegant cryptocurrency portfolio tracker app in last September 2017 with same name CoinTracker and available on Apple AppStore and Google Playstore (a version of the same app, which one of my friend did). You might also like to check it out and give a feedback [CoinTracker](https://cointracker.cash https://cointracker.cash) But, the domain is .cash :-)

htormey 9y ago
This is a totally different product. Your app looks very nice but it is similar to hodl, a mobile app where you have to manually input coins one by one. The cointracker.io people import from exchanges, wallets via APIs and cab file import. Which allows you to track your positions without all the manual labor of inputting them one by one. They are also selling a tax service for us customers. Hopefully you guys can work something out about the whole naming thing.
- tharindufit 9y ago
  Yes. It is slightly different in function, but basically the same main functionality in a different way probably. The name is fine anyway.

JoeyPardella 9y ago

Lack of support for XRP wallet address (like xrp on Ledger hardware wallet) is a big problem for me.

xwvvvvwx 9y ago

This looks super useful, when are you planning on releasing a mobile app? Need to be able to obsessively check the price when I’m out and about

Hydraulix989 9y ago

How are "air drops" like BCH handled in CoinTracker for tax management purposes, given the IRS has yet to issue any guidance on how they should be taxed?

rrggrr 9y ago

Tax form generation isn't working, which sucks. But the UI and everything else is nice. Would be good to view gains by date ranges (Eg. month, prior year, etc.) Would also be good to login in via method other than Coinbase after the fact.

avenoir 9y ago

I've been using cointracking.info up until now, but this is just amazing. Great work! Will you be supporting Huobi in the near future? And can you add a "When Lambo" indicator next to each crypto asset?

tzumby 9y ago

What I would expect from a tool like this is data encryption using a client side generated private key. I understand this would complicate things like calculations/visualizations, but since you're dealing with pretty sensitive data I think it would be worthwhile.

jonlerner 9y ago
That’s a fair point. We are starting off with the centralized model, but in the longer run we are definitely thinking about if we can take a more decentralized approach to this problem too.

donatj 9y ago

Dumb question but is there a way to import the tax information this generates into TurboTax?

jonlerner 9y ago
We plan to add an export option for TurboTax as soon as possible - we should have it in the next 1-2 weeks.
- donatj 9y ago
  This literally makes my day! Thank you guys so much!

Danilka 9y ago

Finally I know if I'm making money or not. You guys will do great!

dmichulke 9y ago

For those on the opposite side of the privacy and tax spectrum, there is also a portfolio tracker (which I wrote) that is doing the opposite: A static HTML Website where you save your portfolio via a bookmark. - No tracking (no cookies, no emails, no JS* ) - Fast (~ 2 kB download) - Cross-Platform ;-) http://www.cryptoport.net http://www.cryptoport.net * There is JS on the landing page to generate the link for your portfolio. The portfolio page itself is free of JS.

asymmetric 9y ago
Nice idea, but you should support HTTPS. People are entering their balances and I for one wouldn’t wanna be snooped!
- dmichulke 9y ago
  I fully agree, will probably happen within the next few weeks.
  - prophesi 9y ago
    It likely will only take you an hour at most with LetsEncrypt. Why wait that long?
    - dmichulke 9y ago
      It's done!
      - prophesi 9y ago
        Awesome! I'd also recommend having all HTTP requests redirect to HTTPS, but I know that can be a little tricky if you're not too familiar with configuring your web server, and can be difficult to fix if something goes awry.
        dmichulke 9y ago

tommygunz99 9y ago

My use case is also tax reporting. Like others I’m getting numbers I suspect to be inaccurate. I think the flaw may be this: I assume you’re calculating cost basis and gains on a broad set of the cryptocurrencies (including Neo, Ripple, etc) that are traded on these exchanges. But when the coins leave the exchange you count it as a sale unless you can see the receiving end of that same transaction in one of the user’s wallets. But you only support reading from wallets/blockchain for a subset of the coins (btc, eth, ltc). So you’re counting fake gains anytime a user sends any of the non-btc|eth|ltc coins for storage. Like others have said, you probably don’t want to assume that any outbound transaction from an exchange is a sale that should be taxed. Generally it may be difficult to get people to pay $150 with issues like this popping up. You could consider some combination of: -give a bit more info about the tax reporting before requesting payment, enough to convince users it’s calculated correctly - clearly outline the scenarios where users will get flawed tax info in help docs - flag uncertain items for individual clarification by the user in your UI a la Turbotax (“we couldn’t find a recipient for your Neo transaction on Aug 20– did you send this to another person or business?”) -offer the first year free to get help from folks ironing out these kinks, but try to establish lock in to get return business next year

jonlerner 9y ago
This is great feedback, and you're totally right about your understanding of the problem. We do rely on having a full picture of all your exchanges and wallets for all the calculations to work correctly. For crypto wallets that we don't support, we recommend for now manually entering the transactions from those wallets. We plan to support more wallets in the near future. We have some more info on this issue in our FAQ: https://www.cointracker.io/faq#cost-basis-wrong https://www.cointracker.io/faq#cost-basis-wrong We will also make it clearer to the user when we see there are outgoing transactions that may indicate a missing wallet / exchange.

oscarteg 9y ago

This is exactly what is was trying to build for myself. I saw that no tracker was simple and still full of functions. Except for the tax part. I'm still building my own but you gave me allot of great ideas

qwtel 9y ago

I wrote my own tool to basically do the same, but it can't handle certain advanced optimisations. Curious if you support the following: Can you optimise the cost basis under the constraint of coins being in different wallets at different times? (e.g. I have an expensive tranche of coins that would minimise my tax when matched with a certain sell, but those coins were not in the exchange at the time, hence I can't argue that these were the coins I sold) Further, when moving funds between exchanges, can you pick the tranches so that the cost basis gets optimised from sales on that exchange on later trades?

i_shankar 9y ago

Nice!

pteredactyl 9y ago

I made something similar ( in about a week ) where all data you input is stored locally in your browser via localstorage. There's a websocket connection pushing down real-time market data every second. https://localcoinportfolio.com https://localcoinportfolio.com It's free, open source and is about 12kb total. https://https://github.com/59023g/local-crypto-wallet https://https://github.com/59023g/local-crypto-wallet

lug0r 9y ago

Why does noone support BitMEX? Derivatives are expicially interesting when it comes to taxation.

slavoingilizov 9y ago

This is truly great! I was trying to do something similar with the Portfolio feature of livecoinwatch.com, but they don't let you enter crypto/crypto trades and are much harder to use. Good luck with the development of it, but as a user, I'm absolutely happy!

migz 9y ago

I was just thinking about this idea today! its nice that someone has finally made it easier for people to start following their money! i am lost :D will try this out!

Moter8 9y ago

Why are you hiding the prices page for after sign up AND for after importing everything, and then why the HELL are you hiding the credit card purchases behind a "Getting Started" button? Possibly illegal in some countries (Germany comes to mind), the only thing "saving" you is that Stripe's purchase dialog says "Pay 29,00$".