The futility of token buybacks: unwittingly borrowing a stock concept and assuming the two assets are the same. On what basis? Well, if it works for the stock people, it must work for the token people?? On stock buybacks: reducing share count does not create value; it concentrates value that already exists. We must ask “why is this instrument valuable in the first place?” before we determine if arbitrarily reducing its supply constitutes an act of 'returning capital'. VALUE MUST ALREADY BE PRESENT FOR THIS TO WORK. Buybacks are not by themselves a form of value accrual, as a simple illustration: a worthless asset is still worthless even if you shrink its supply. This is effectively what DeFi token buybacks do: they borrow stock abstractions for assets with no stock characteristics and no intrinsic worth… “Here are 100 units of vapor, we’ll now reduce the supply to 70 units, returning value to vapor holders. It works for the stock people, so it must work for the token people?”. Reducing quantity alone cannot manufacture intrinsic worth; it merely redistributes whatever value already exists. If there was no value present pre-buyback, my brother in Christ there won't be any there post-buyback either. No amount of circular reasoning will save you here. Something must already have innate value/utility for a scarcity-inducing action to increase its worth. Despite vibes that have deceived you otherwise, stocks are not memes; they possess intrinsic value per legally and enforceably controlling the underlying company, which is why buybacks are great for them! Boy I love me a good share buyback; what an excellent way to return capital. However, the token is not a stock. A crypto bro's words will say "I know the token isn't a stock", but his actions demonstrate he has not actually internalized this reality.