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fordham_thomas
Community Member

Discussion: Topics in Crypto Reconciliation and Profitability

Hello,

Looking to start a conversation with like-minded specialists who focus on perhaps a rather boring but super important aspect of crypto...  I am a Professional Crypto Consultant with a broad portfolio of experience but this is by far my favorite topic as it was a focus in my prior IT Professional life.

Documenting crypto truth (ie. complete dataset of transactions with properly applied context) for individuals and organizations. 

The challenges abound and using advanced techniques and tools, I have been auditing away, reporting bugs and generally attempting to improve the available resources, primarily Koinly and CoinTracker (favorites but others too).

Just this week, I have been working with Koinly on the weaknesses present in their NFT support, trying to track down the edge cases where failure causes data drop outs on tax report. Specifically NFT1155s that just don't pull in correctly.

So, eager to hear from others and build a rapport plus find freelancers that I can refer (I take on massive projects with crypto degens so bandwidth is always a problem).


Have great day, looking forward to the conversation.

9 REPLIES 9
11c70b85
Community Member

Hey,

Good to know you bro.

Would love to collaberate with you.

Regards
Rehan

Rehan,
Always happy to collaborate and share ideas.
Apologies for the delay, been super busy on projects but my New Years resolution has been to dig out and finally starting to catch up on replies.
Tom
Tom

Hey Rehan, great to have you here! How are things going?

fordham_thomas
Community Member

Excellent...
Let me get through tax time, I just landed a rush client - gonna be tight, they have a degen type portfolio.
Tom

chirag_kotadiya
Community Member

Hi Tom

Koinly had this issue of not importing ERC 1155 NFT Transactions earlier, So if you had a client who already onboarded and imported the transactions, it's not possible for koinly to recognize those ERC 1155 NFTs. However recently, Koinly was updated and is recognizing this one perfectly. For older ones we have to do this manually by tagging transactions as NFT1, NFT2, NFT3... and so on. 

 

Let me know if I can help you doing this one for any of your project. I had done this manually for a client with 3000 ERC 1155 Transactions and it was a boring stuff do! LOL!.  Highly recommended software for a client who is more in to NFTs is cointracking.info

Let's catch up sometime this week!

 

Cheers!

Chirag

Chirag,

Now that tax day is finally over, happy to chat.  Having been at this for some time now, it is interesting to see the progression on services like Koinly, CoinTracker and others.  

We should definitely catch up in a couple of days, I have a client project involving Axie Infinity/Ronin that I am working through at the moment, fun stuff and can't wait to see how it ends up in Koinly. I specialize in unsupported chains and this is right up my alley.

Tom

best-sharon
Community Member

This is an interesting discussion especially for someone working on a crypto payment gateway

Mariam,

I am a Professional Crypto Consultant with a prior life as an IT Professional and lifelong programmr who built, implemented and managed various types of financial systems (I go way back to when you had to roll a lot of you stuff manually like at your own webite shopping cart or interfacing with Amazon in the early days when they wanted spreadsheets!!)  I happened to spend much of my time in retail with all the various issues for integrating and managing interconnects with banks and merchant account providers. I can absolutely say that the state of play is both exhilarating yet terrifying when it comes to integrating cryto into business systems and work-flows. I recently saw that even a well know P2P player just added crypto - makes my hair stand on end... 

I happen be passionate about accounting and that is why I build my own crypto tools - the ability to control and and prove/audit numbers is supremely important - like bank/credit card statement reconciliation on steriods.  Having them for EVM compatible chains makes analyis a snap and the client reactions to things like total fee volume/cost is something indeed.  Plus, NFTs tend to operate in a base crypto like ETH which obscures the fiat value and I am always surprised by how disconnected folks are when tax time rolls around (eg. 17 ETH vs 59.5k). Fun stuff.

Anyway, thanks for the comment, hope your project turns out fantastic. Be sure to audit the hell out of everything, and test every edge case you can think of.  This stuff is easy to request and spec out but the devil is in the details,

Have a great day!!

Tom

c109288b
Community Member

I wanna ask something to you.

How can we use Crypto technlogies in IOT?