CoinMarketCap (CMC) does not provide Bitcoin, Litecoin or Namecoin prices before 5/2/2013 but they do have an established market price since at least 2011.
Classifying all mining, payment and other transactions as ‘OTC’ is not a viable workaround here. The whole purpose of using Accointing is to automate the process and differentiate between different types of transactions. Coinmarketcap is not acceptable as sole single price oracle for any user who was involved in crypto before mid-2013.
We are still seeing some users that have transactions that are affected by the CMC price situation. This applies to all transactions that were executed while CMC was delivering the wrong prices. The price chart & history is already fixed, the affected users will need to switch their country twice (to a country of a different currency and then back to their currency), this will trigger a fresh fetch of the prices.
Here is an example:
Thank you for your reply and help. Unfortunately it didn’t work. I’m pretty sure this relates to the data available at CMC: The data feed only starts in May 2013. So CMC simply doesn’t provide earlier prices.
I was mining Bitcoin before CMC existed, not trading. ‘OTC’ is not a solution here. It is ‘mining’ income and we’re talking way to many Txs to do this manually.
Nothing about Coinbase was mentioned so far. I’m not sure I’m following. Are you now talking about the block’s coinbase? Then yes, I used p2pool: Mining reward is directed to you via each block’s coinbase address directly. And some Txs are also incoming from mining pools where I distributed my hashrate to.
Can we please come back to the topic, @Matt? That is:
Everyone who used Bitcoin before May 2013 cannot rely on CMC. But plenty of early Bitcoin price feeds do exist. The point here is CMC alone is simply not suitable for a taxation calculus product for Bitcoin because BTC has an established market price since late 2010 / early 2011.
Okay, I see your issue now.
You mined BTC before CMC and would like to classify it as such on Accointing.
So the OTC could be a solution. But instead of making it an OTC, you can set the cost basis by trading it for fiat without marking it as OTC. Regardless I understand that you have tons of transactions, probably thousands that were made before it was tracked on CMC on April 28, 2013.
Let me ask the team to see what is possible.
I wish I had coins that were mined back then, only rich man if you held
How many of these transactions before CMC do you own?
A quick solution would be to classify them all as ignored and consolidate them all into one deposit transaction on the day that it was trackable on CMC and classify it as mining. However, this is not the most accurate way.
The most accurate way is to set the cost basis by doing an OTC trade for each transaction to set the cost basis correctly.
since there has been no reply on the actual issue here for two weeks and there’s no prospect of solution given I will now go ahead and file an OTC each for every transaction pre-May2013 regardless of its actual classification. That’s way beyond hundred transactions that loose prior classification information. They are blown up to three times the transaction amount in order to achieve this means and afterwards have to be manually classified again as OTC because the accointing template doesn’t yet accept OTC as classification neither for order, deposit or withdrawl.
That is admittedly a disappointment but you may consider this solved.
I do apologize, they moved me to email support so I am not as active here as I once was.
I apologize that at this time this is what we can offer.
We may be able to offer you to set your own cost basis once we add the ability to add your own custom tokens, but we are still talking about it.
The truth is you probably wouldn’t hold any of that anymore today. If you bought at 0.50 USD you sell latest at 50 USD. The change you have left is for sure sold at 5000 USD. But you surely would have a very different perspective on what BTC is today, a perversion of what is was meant to be.