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Co-Founder of CoinTracker (https://www.cointracker.io https://www.cointracker.io) (YC W18) here. You're exactly right. We built software to specifically automat

Co-Founder of CoinTracker (https://www.cointracker.io https://www.cointracker.io) (YC W18) here. You're exactly right. We built software to specifically automate this crypto tracking and tax compliance process. We've partnered with Coinbase and TurboTax to specifically solve this pain point. https://help.coinbase.com/en/coinbase/taxes-reports-and-financial-services/taxes/using-turbotax-or-cointracker-to-report-on-cryptocurrency https://help.coinbase.com/en/coinbase/taxes-reports-and-fina...

notyourwork 6y ago
> Partnered with TurboTax Makes me sad that they are further entrenching their tentacles in our tax system which further discourages the government from simplifying this process.
- judge2020 6y ago
  Same goes for the Robinhood integration, sadly.
- fourstar 6y ago
  Upset at a corporation who fixes inefficiencies in the free market? What? How does what TurboTax do prevent the government from changing anything?
  - rwiggum 6y ago
    This is how: https://www.propublica.org/article/inside-turbotax-20-year-fight-to-stop-americans-from-filing-their-taxes-for-free https://www.propublica.org/article/inside-turbotax-20-year-f...
    - fourstar 6y ago
      > But the success of TurboTax rests on a shaky foundation, one that could collapse overnight if the U.S. government did what most wealthy countries did long ago and made tax filing simple and free for most citizens. If the system is vulnerable to exploitation, that’s not the fault of Intuit. They’re fixing inefficiencies in the market, and adding upsells (common for many companies in tech), is part of their business model. I don’t get the hate of TurboTax if you’ve actually used it, since it’s incredibly simple and saves time and money (from my experience). Don’t hate the player.
      - notyourwork 6y ago
        TurboTax has many dark paths and misleading sales pitches to bring people in with impression of free and prevent checkout without collecting money. Aside from that, their lobbying has created the mess that essentially requires 3rd party support to file your taxes. It's not a game and a matter of hate, it's just a fact that filing your taxes is complicated because of Intuit.
      - Thorrez 6y ago
        >If the system is vulnerable to exploitation, that’s not the fault of Intuit. Sure, the vulnerability isn't Intuit's problem. But exploiting it is Intuit's problem. >They’re fixing inefficiencies in the market, and adding upsells (common for many companies in tech), is part of their business model. How are they fixing inefficiencies? If they simply wrote software I could see that. But they're lobbying for increasing inefficiencies. That's the opposite of fixing. >I don’t get the hate of TurboTax if you’ve actually used it, since it’s incredibly simple and saves time and money (from my experience). I use it every year. Yeah, it works fairly well.
  - nichos 6y ago
    It's pretty well known that they lobby congress to keep the tax laws complicated to ensure their business. The solution is less government and simpler taxes.
- chanfest22 6y ago
  It's one of several options made available to users on how to file their taxes: https://help.cointracker.io/en/articles/1920680-after-purchasing-a-cointracker-tax-plan-how-can-i-file-my-crypto-taxes https://help.cointracker.io/en/articles/1920680-after-purcha...
arcticbull 6y ago
Are they looking at solving the fact that spending appreciated "assets" will lead to a tax bill at the end of the year? Do they plan to sell extra to cover the gains, and then withhold them? If they don't and crypto collapses again, people might actually be out money at the end of the year for using their card right?
undefinednull 6y ago
and we call it as "decentralized"
jkhdigital 6y ago
Can you handle complex straddle positions across multiple exchanges and derivative instruments? Let me guess...
- chanfest22 6y ago
  We support positions across exchanges, wallets, DeFi, and derivatives. Depending on your straddle situation, reach out and we'll find a solution for you. https://www.cointracker.io/contact-us https://www.cointracker.io/contact-us
raullen 6y ago
Why cointracker starts with Coinbase/Google account, rather than an BTC/ETH addr?
- rwiggum 6y ago
  With proper BTC usage, you never reuse an address. It's perfect forward secrecy.
- chanfest22 6y ago
  Most crypto users have custodial assets (e.g. those held on an exchange) which don't have a unique address. Therefore we need some identity layer to tie together a specific users transactions for tax purposes. That can be Google sign-in, Coinbase sign-in, throwaway email + password

notyourwork 6y ago

> Partnered with TurboTax Makes me sad that they are further entrenching their tentacles in our tax system which further discourages the government from simplifying this process.

judge2020 6y ago
Same goes for the Robinhood integration, sadly.
fourstar 6y ago
Upset at a corporation who fixes inefficiencies in the free market? What? How does what TurboTax do prevent the government from changing anything?
- rwiggum 6y ago
  This is how: https://www.propublica.org/article/inside-turbotax-20-year-fight-to-stop-americans-from-filing-their-taxes-for-free https://www.propublica.org/article/inside-turbotax-20-year-f...
  - fourstar 6y ago
    > But the success of TurboTax rests on a shaky foundation, one that could collapse overnight if the U.S. government did what most wealthy countries did long ago and made tax filing simple and free for most citizens. If the system is vulnerable to exploitation, that’s not the fault of Intuit. They’re fixing inefficiencies in the market, and adding upsells (common for many companies in tech), is part of their business model. I don’t get the hate of TurboTax if you’ve actually used it, since it’s incredibly simple and saves time and money (from my experience). Don’t hate the player.
    - notyourwork 6y ago
      TurboTax has many dark paths and misleading sales pitches to bring people in with impression of free and prevent checkout without collecting money. Aside from that, their lobbying has created the mess that essentially requires 3rd party support to file your taxes. It's not a game and a matter of hate, it's just a fact that filing your taxes is complicated because of Intuit.
    - Thorrez 6y ago
      >If the system is vulnerable to exploitation, that’s not the fault of Intuit. Sure, the vulnerability isn't Intuit's problem. But exploiting it is Intuit's problem. >They’re fixing inefficiencies in the market, and adding upsells (common for many companies in tech), is part of their business model. How are they fixing inefficiencies? If they simply wrote software I could see that. But they're lobbying for increasing inefficiencies. That's the opposite of fixing. >I don’t get the hate of TurboTax if you’ve actually used it, since it’s incredibly simple and saves time and money (from my experience). I use it every year. Yeah, it works fairly well.
- nichos 6y ago
  It's pretty well known that they lobby congress to keep the tax laws complicated to ensure their business. The solution is less government and simpler taxes.
chanfest22 6y ago
It's one of several options made available to users on how to file their taxes: https://help.cointracker.io/en/articles/1920680-after-purchasing-a-cointracker-tax-plan-how-can-i-file-my-crypto-taxes https://help.cointracker.io/en/articles/1920680-after-purcha...

arcticbull 6y ago

Are they looking at solving the fact that spending appreciated "assets" will lead to a tax bill at the end of the year? Do they plan to sell extra to cover the gains, and then withhold them? If they don't and crypto collapses again, people might actually be out money at the end of the year for using their card right?

undefinednull 6y ago

and we call it as "decentralized"

jkhdigital 6y ago

Can you handle complex straddle positions across multiple exchanges and derivative instruments? Let me guess...

chanfest22 6y ago
We support positions across exchanges, wallets, DeFi, and derivatives. Depending on your straddle situation, reach out and we'll find a solution for you. https://www.cointracker.io/contact-us https://www.cointracker.io/contact-us

raullen 6y ago

Why cointracker starts with Coinbase/Google account, rather than an BTC/ETH addr?

rwiggum 6y ago
With proper BTC usage, you never reuse an address. It's perfect forward secrecy.
chanfest22 6y ago
Most crypto users have custodial assets (e.g. those held on an exchange) which don't have a unique address. Therefore we need some identity layer to tie together a specific users transactions for tax purposes. That can be Google sign-in, Coinbase sign-in, throwaway email + password