Most project teams have not even made 10U in daily protocol revenue, yet they buy some press releases to announce that they will start buybacks, purely using words to pump the price. Meanwhile, a small number of project teams that can actually make some money really take themselves seriously and pull out their not-so-wealthy funds for buybacks. As a result, the market does not respond, the coin price does not rise, and they become angry and embarrassed. 🤣 Tencent spent 112 billion on stock buybacks in 2024, and another 80 billion in 2025, far exceeding the amount sold by major shareholders during the same period. All stocks are completely destroyed to achieve deflation, and the total share capital has reached a ten-year low. So how does Ma Huateng explain their large-scale buybacks? At Tencent's shareholder meeting, Ma Huateng said that the company has a lot of cash on hand, but there are not many investment opportunities available. To avoid blind expansion and just letting the money sit in the bank earning interest, they decided to use the profits for buybacks and destruction, improving stock capital efficiency. This means reducing the number of shares to increase the profit corresponding to each remaining share, rewarding long-term holders, and maintaining the shareholder structure. To explain, the primary purpose of Tencent's stock buybacks is definitely not to pump the stock price, but to put the stock into a deflationary mode, thereby allowing for more dividends per share. If you are optimistic about Tencent's stock in the long run, you hold it to receive dividends; if not, then sell it quickly (let me buy it back) and let others receive the future dividends. As for maintaining the shareholder structure, it is because during the same period, the major shareholder from South Africa was selling off a large amount of stock in the market. Many companies want to avoid the situation of "barbarians at the gate," like LV to Hermès or Baoneng to Vanke, where their own stocks are swept up by competitors to become major shareholders. Therefore, they need to buy back stocks from the market to maintain the shareholder structure. So back to the crypto space, you will find these ridiculous project teams really funny. Those without money use words for buybacks, while those with some money cry and complain after buybacks. Corresponding to Tencent, in the crypto space, your purpose for buybacks should be to ensure that the tokens continue to deflate, thereby increasing the dividends for token holders and preventing others outside the team from holding too many tokens to seize governance rights. Naturally, the coin price will rise accordingly. Of course, all of this is predicated on the project team actually being able to make money. In fact, looking at the crypto space, MakerDAO is the most respectable and closest to Tencent in terms of buybacks that I can think of. Over the past year, it has repurchased over 100 million dollars, achieving a deflation of 5.6%. They have been diligently buying back so much without saying much. 🤣