Tracking Actual Money Flow Question

S

Sniggly

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I’ve read through every single post on this board regarding the tracking of one’s portfolio and based on my cursory assessment (I really hope I am wrong here), it appears that the primary thing being tracked and calculated is the purchase price of a coin and its current value. Not the linear flow of an originating currency and all the transactions that affect that currency, or how it’s returned.
Is ANYONE actually tracking the FLOW of their money?
My problem and the example:
#1
I use Fiat to buy Bitcoin on Coinbase (incurs a fee)
Move Bitcoin to Exchange (incurs a fee)
Buy an AltCoin (might incur a fee and bitcoin holdings go down)
Sell an AltCoin for Bitcoin (incurs a fee but bitcoin holdings go up)
#2
I mine on Nicehash for bitcoin payments (bitcoin holding go up <- needs to be accounted for differently than a fiat buy)
Move bitcoin to exchange (fee which means bitcoin holding go down)
Buy altcoin (fee + bitcoin holdings go down)
Sell altcoin for Bitcoin (fee + bitcoin holdings go up)
What I’m looking for is a solution that not only tracks a portfolios performance, but also HOW my bitcoin holdings rise and fall as a result of fiat purchases, altcoin buys and sells, fees, and mining income.
Does no one have this built yet? Baby Jesus please…I really don’t want to have to build this.
PLEASE PLEASE PLEASE PLEASE PLEASE…
 
I use the paid version of coin tracking info. Due to every time you trade a coin for another it is a taxable transaction.
Cointracking.info API’s work great once you fumble through the initial setup since a couple of the exchanges only provide the last 30days you have to export them to an excel and then upload it.
I have heard of some others being used on here but none of them provided the functionality that I was looking for. Items such as unrealized and realized gains. There are also multiple options for how to calculate those whether it is FIFO or LIFO and a couple of other strategies. I am not real sure which one I should be using or if it really matters with the small amount of trades I am doing now days, but it was the best one I have found.
Everything that I have read with regards to the IRS they want a standard calculations for things such as all mining income either calculated at the end of the week like a pay check or each time you get paid a coin not mixing and matching them. So when i read that every time I traded on Bittrex represented a taxable transaction I said you know what it is worth paying for this service as my time is worth more than that price.

 
Hmmm…
Maybe I’m looking for a standard of record keeping that isn’t technically necessary, atleast for the purposes of taxation anyway. But I’m such a nutjob with this stuff. I might have to run from myself.
I will wait a few days to see if anyone chimes in with more information. If not then I will probably buy the minimum subscription to Cointracking just to see how much manipulation I can apply.
Thanks Nekko.
 
You need to buy BTC thru GDAX which is part of coinbase . Peter did a video on no fee coinbase.
 
I’ve been pondering this for a while now and have created a personal xls to track all this for my self. It’s a huge pain.
Example:
Convert CAD to USD, move USD to Quadriga - track USD conversion from CAD as well as fees
Buy BTC, or other - track entry price in USD
Move BTC to bigger exchange to trade other alts
  • track move accordingly
  • Buy NEO - track buy price in BTC as of purchase date
    Buy an ICO with NEO or other token and track that price
Track daily price, compare with purchase price
Track wallets and fees
When making a sale, track or try to track everything going backwards to see your P/L
This is super tedious and time consuming if you are trading often.
I’m going to check all the tools out there ans report back.
 
If cointracking.info doesn’t do what you want to do then I am at a lost for what you are attempting to do. Maybe what you are attempting to do isn’t really necessary as I have found that often times for stuff like this if it doesn’t exist or something similar then I am trying to track or do something unnecessary. Just food for thought. I know we all lover our data, but sometimes we get so much data that it just complicates things to the point where instead of moving forward we move backwards.
I manage space, power, and cooling for one the largest data centers in the financial sector. We monitor every breaker, temperature, pressure sensor for every device that allows it. What I have found over the last 15 years of doing this in this industry that this is completely unnecessary and just add to our operating costs as there is too much data to go through and probably 80% of it just sits in a data base to never be looked at. Or someone does look at it doesn’t understand it and cause a weeks worth of work for me because someone didn’t understand what they were looking at.
That last one happened two weeks ago so I am still a little frustrated, but I think you catch my drift.
If you could maybe go into a bit more detail about what data you are looking for and for what reason will help us help you.

 
I will do a flow chart later today. I think that will make clear what I perceive to be necessary.
 
I made this wonderful looking flow chart, printed it out, and still wasn’t satisfied. Kept staring at it and staring at it. The question I was continually having trouble with was this: If I buy 100 dollars worth of bitcoin, and then take that bitcoin and buy 100 dollars worth of some other altcoin, how does the method of accounting know that I used that 100 dollars of bitcoin to buy that altcoin. The flaw in my thinking was that I was NOT THINKING OF BITCOIN…AS A COIN!!! I know that’s crazy but in my mind it was basically a simple transfer account, like how money sits in a wire account when you wire money to someone. There’s 3 accounts involved. I’ve been trying to account for a ‘double spend’ of the U.S. dollar this whole time…!! LOL!!! Said a different way, this is a whole lot easier if I just treat bitcoin as a regular account with deposits and withdrawals, just like a fiat account (I know it’s not exactly like that from a taxation point of view).
Waaallllllaaaaaah! I have fixed myself. Thanks for your input.
 
I think everyone likes to look at their investment in different ways depending on strategy. I’ve decided to hodl everything I buy so I just keep track of each spend of fiat and what I buy with it. Then it’s easy to see exactly how each one is doing. If I change strategy I’m ready to drop it.
 
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