Buybacks are examples of return of money to investors without dividend. In fact, this is a more tax-efficient way to return money. But return to investors is n

Buybacks are examples of return of money to investors without dividend. In fact, this is a more tax-efficient way to return money. But return to investors is not even the important thing, it is that normal businesses should get outside money by providing some kind of goods or services. The problem with axies is that they claim everything is exchangeable back into money so there is essentially no “outside” money.