[hnthrow1010]

>which means for that very common stock the majority of the profit came from appreciation.

And you can see from the last few months how that's still an inherently risky attitude towards investing. I agree, buybacks are also a questionable scheme that can easily get used to scam, but at least those are (in theory) based on real profits. You're betting that the company is going to grow and create more valuable products and services in the future. In crypto, there's no profits and no value whatsoever. The average dividend yield of a crypto investor is always going to be 0%. You're not betting on anything besides the ability to dump the thing off on someone else.