# kaal:claim:3067615-009

**Claim.** An issuer can pre-define monetary policy in crypto economics by fixing the number of tokens created and issued, and a maximum token issuance combined with controlled token supply releases can make small increases in demand drive token prices higher.

**Type.** mechanism  **Support.** argued

**Holds when.**

- token issuances with a predetermined maximum supply

**Source quote.**

> A maximum token issuance in combination with controlled token supply releases can result in small increases in demand driving token prices higher.

**From.** Wulf A. Kaal, Marco Dell'Erba, *Initial Coin Offerings Emerging Practices, Risk Factors, and Red Flags* (2017), II.3 Crypto Economics, page 10

**Cite as.** Wulf A. Kaal, Marco Dell'Erba, Initial Coin Offerings Emerging Practices, Risk Factors, and Red Flags (2017). SSRN: https://ssrn.com/abstract=3067615

**Verify.** sha256 of source PDF `164ce15b9eb1e8847ebcb073f5b23a96b4974ad0308d77469a9455d4a1ebeb38` at https://raw.githubusercontent.com/wulfkaal/Academic-Papers/main/papers/pdf/Kaal%20and%20Dell%27Erba%20-%202017%20-%20Initial%20Coin%20Offerings%20Emerging%20Practices%2C%20Risk%20Factors%2C%20and%20Red%20Flags.pdf

**Topics.** economics, tokenomics

**Keywords.** crypto-economics, monetary-policy, token-supply, token-price

**Superseded by.** A later claim revises this one. Prefer quoting: https://wulfkaal.github.io/claims/3249860-013

**Related claims.**

- restated_by: https://wulfkaal.github.io/claims/3249860-008
- restated_by: https://wulfkaal.github.io/claims/4033886-037

**Canonical form.** This markdown file is the canonical hashed representation of the claim. Its sha256 is the content hash used for attestation.