You could also do both and have the placeholder smoothly transition between being a placeholder vs being a label. Not to self-plug but here's an example I made

You could also do both and have the placeholder smoothly transition between being a placeholder vs being a label. Not to self-plug but here's an example I made myself https://dontplaywithculi.netlify.app/readlater https://dontplaywithculi.netlify.app/readlater (it doesn't do anything, just a UI experiment)