Verifying that an ERC20 token can't be inflated

[PaperWallet]

Hi,
I have found an ERC20 token related to a business I think is interesting. The only issue left with me is how can I verify, within their open source code, that the creator of the token can't just create as much token as he wants at some point if the token becomes very valuable. Does anybody know? Thank you!

[mersal]

Don't worry the token will be dumped by the project team itself if the value of the token increases.

Afaik, tokens can be burned if it is available excess after their token sales but they can be altered if the team wants to since erc 20 tokens are not decentralized only their transactions are decentralized.

[john_cm]

Hi,
I have found an ERC20 token related to a business I think is interesting. The only issue left with me is how can I verify, within their open source code, that the creator of the token can't just create as much token as he wants at some point if the token becomes very valuable. Does anybody know? Thank you!

One thing you should be aware of is that any code that is not fully decentralized can be altered by the dev at any point in time even if it was originally programmed to be capped at a given number. But increasing the total supply seldom happens even with the most shitty project. What is most frequent however is the continuous release of tokens from the total supply into the circulating supply and massive dump from project team members, which is even more deterrent. 

[havoc928]

Hi,
I have found an ERC20 token related to a business I think is interesting. The only issue left with me is how can I verify, within their open source code, that the creator of the token can't just create as much token as he wants at some point if the token becomes very valuable. Does anybody know? Thank you!

One thing you should be aware of is that any code that is not fully decentralized can be altered by the dev at any point in time even if it was originally programmed to be capped at a given number. But increasing the total supply seldom happens even with the most shitty project. What is most frequent however is the continuous release of tokens from the total supply into the circulating supply and massive dump from project team members, which is even more deterrent. 

True! You have to keep thinking if that token is not totally decentralized. The project team can create some significant changes to the price by increasing the supply of the tokens. We have seen a lot of projects did that in the past. Therefore, you should gain a little bit more information by doing some more research!

[PaperWallet]

Ok thank you.... No honestly I had a somewhat long term approach and I wanted to invest in the tokens... So if the company gets big, with same number of tokens, my profit will grow exponentially. But if the team project has that much power I don't know. Although this ICO business has been around for 2 years and the team seems to work a lot to make it successful and I think it will grow exponentially. But if I need to watch them closely everyday for supply maybe that's a big negative.

[Mrchristo]

Ok thank you.... No honestly I had a somewhat long term approach and I wanted to invest in the tokens... So if the company gets big, with same number of tokens, my profit will grow exponentially. But if the team project has that much power I don't know. Although this ICO business has been around for 2 years and the team seems to work a lot to make it successful and I think it will grow exponentially. But if I need to watch them closely everyday for supply maybe that's a big negative.

I understand your position, and that's the goal of most persons that comes into the industry. I remember thinking in the same line, wanting to hold a token long term and benefit from the increase in value. I thought tokens could increase just like bitcoin only to be disappointed because most tokens end up, just the same way. Its wise to invest long-term with Bitcoin and ethereum, those are the most valid cryptocurrency for long term hold.

[btc_angela]

Hi,
I have found an ERC20 token related to a business I think is interesting. The only issue left with me is how can I verify, within their open source code, that the creator of the token can't just create as much token as he wants at some point if the token becomes very valuable. Does anybody know? Thank you!

What do you mean? If you don't know how to read the code then perhaps you can tell us which project or at least point us to the GitHub repository and see the source code. However, we really can't control if they wanted to change everything once they release the token. They could have hundreds of reasons to update the original source code to favour them.

[joshua123]

Hi,
I have found an ERC20 token related to a business I think is interesting. The only issue left with me is how can I verify, within their open source code, that the creator of the token can't just create as much token as he wants at some point if the token becomes very valuable. Does anybody know? Thank you!

Whats the name of the project? I think every project related to erc20 that has a platform considered to be a business. If its an open source you can see all activity they are uploading and doing. Once a smart contract has been deployed with a fixed supply then there is no way for the creator to add additional tokens, however he can locked some tokens of this supply.

Many interesting projects have been launched and the potential of a business to grow is see theit platform with working product or any features that worth investing.

[PaperWallet]

Hi,
I have found an ERC20 token related to a business I think is interesting. The only issue left with me is how can I verify, within their open source code, that the creator of the token can't just create as much token as he wants at some point if the token becomes very valuable. Does anybody know? Thank you!

Whats the name of the project? I think every project related to erc20 that has a platform considered to be a business. If its an open source you can see all activity they are uploading and doing. Once a smart contract has been deployed with a fixed supply then there is no way for the creator to add additional tokens, however he can locked some tokens of this supply.

Many interesting projects have been launched and the potential of a business to grow is see theit platform with working product or any features that worth investing.

The name is CoinPoker. They look to work on it everyday. They burn a part of community contributions each month. They come up with new games regularly. And one member of their board team was a member of the European Parliament.
But honestly check what has been said before. They can change it and mine tokens as much as they want. Not to be trusted. After all, these are poker players.

[Lillominato89]

theoretically when a smart contract is released it can no longer be modified, but as far as I understand there can be trickery, however if there is a Github of the project and the code is open source it is possible to check whether inflation or deflation is controlled from the smart contract itself. So it is highly possible that the increase or decrease tokens is predetermined.

[q6tawg]

 

[blockman]

On the developers perspective then you have to limit the supply, as simple as that. If you have caught them and it's one of their statement that they can modify the total supply of tokens, yes, they can't be trusted so you have to remove your interest on them.
Whether they are very active with the platform that they have made, it's your decision to avoid them from now on after knowing that there's such condition that have made.

[TutorShow]

Check the mining algorithm or coin production how and who owns all or most of token and check total supply.

The problem is not with this, but the problem is that a hard fork can be made after the majority of members who own a lot of currencies agree.
If most of the currencies are with certain people or specific addresses, beware of that, but if they are distributed it is the best.

check the code will not make you know about it.

[Herbert2020]

instead of wasting your time on things that don't matter at all you should instead spend some time looking behind the curtains and figure out how they are scamming you with a front that looks like a "business".