Im not a fan of buybacks in equities and especially not in crypto with buyback burns Imagine you are a steward of an organisation and you are looking after other peoples money or think about needing to ensure their capital is protected over the long term Then buying back equity/tokens and burning makes no sense Its great for short term but inevitably if there is any issues to the business you have nothing as you burned all your capital- the buyback burns are only useful as long as the revenue keeps going up Think about how many companies disappear that were once successful - if they had acquired assets over time rather than buybacks instead of bankruptcy they could have continued to exist and steward long term owners with quality assets whether it be real estate, gold and now bitcoin Modern company management like tracking CPI, GDP and other short term metrics has caused very short term thinking 2 examples: If IBM had bought even gold instead of stock buybacks their total company value today would be more than 3x the current market cap In crypto the protocols that raised bitcoin ie Tezos and kept treasury even if they failed as projects have large holdings - problem with Tezos as is most crypto protocols though is unlike a company token holders dont have claim to the foundations assets - most tokens are faulty and not tied to any of the underlying assets or revenue. However if there was more equity like relationship you can see how these would have made great onchain treasury companies As we move forward with further disruption of AI - I think its even crazier and good stewards of capital will buy and own assets not get rid of it to benefit the shorter term holders