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?
613 karma · joined June 26, 2017
We'll look into the instability for point #2
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?
In addition, what is the best way to get in touch with you (website?)
#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 :)
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.
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.
Some pretty interesting industries have gotten bootstrapped with speculation though, and we are hopeful that more practical applications will develop in the future.
What a blockchain is useful for is eliminating the need for a centralized, trusted third party. Where I could see this being very helpful, and a potentially disruptive force is in areas like IPOs, mitigating counterparty risk, reducing conflict of interests, etc.
For example, if companies can raise capital and create liquidity for themselves with ICOs, the demand for IPOs will decrease. If investment banks break the "Chinese" wall and engage in market manipulation, then having public companies put their accounting on a public ledger will reduce the dependence on quarterly earnings reports. If more players are able to access the financial systems because they are on public ledgers rather than private ones, it will make it harder to banks to engage in oligopolistic behavior.
None of these things are guaranteed to happen, and certainly they won't all happen overnight. I do see though, the potential for these types of changes to slowly chip away at some of the revenue streams that banks have enjoyed for a long time.
Also, we are in the early stages of bitcoin today, so yes, you need to have some tech understanding. This will all be abstracted away soon. Do people need to understand TCP/IP to use the internet? Understand the internal combustion engine to drive a car? The same will happen for cryptocurrency.
[0] https://www.strategyanalytics.com/strategy-analytics/blogs/s... [1] https://techcrunch.com/2015/06/02/6-1b-smartphone-users-glob...
What is unclear to me is how many of these financial services (e.g., assisting with stock transfer, IPOs, raising capital, etc.) will continue to thrive in the same way that they have been, mostly unchanged for the past several years, when they can be executed in cheaper, more efficient, decentralized marketplace.
I'd love to expand my understand and be proven wrong though so I welcome feedback on this line of thinking.
An interesting question to ponder though is what is the potential in the future. What is the probability that GBP becomes used for something beyond a medium of exchange in the UK?
vs.
What is the probability that BTC becomes a unified international medium of exchange?