James Hancock (👩‍🚀)

crypto founders: if your token has no reason to be worth anything without a buyback, it's not worth anything with a buyback, either. reduce the quantity of a valuable thing = make it more valuable. stocks are already valuable without a buyback. if you induce scarcity (buybacks), it makes them more valuable by virtue of they're being less of them! reduce the quantity of a valueless thing = incinerate money, and then be confused why "price discovery" isn't happening. if you reduce the quantity of a worthless thing, you.... reduced the quantity? cool! now there's less of something that wasn't valuable to begin with. circular reasoning: the token is valuable because sometimes we will reduce the supply of the token. there is absolutely zero reason for this instrument to be worth anything. DeFi thinks this counts as returning capital, like a stock buyback does. it's utterly inane and disconnected from reality. it behooves no one to keep acting like this emperor is wearing clothes. there is no such thing as 'price discovery' for a memecoin. this goes for memecoins wearing fancy suits (governance tokens) too. a dog is not a horse because they both have four legs. a bagel is not a tire because they're both round. and a valueless voting (suggestion) token is not equity because... it kind of looks like a stock if you squint and delude yourself. Build For Weight, and end these completely inapplicable equity abstractions @BuildForWeight