While it could be a possibility, it would only work for those protocols generating sufficient revenue outside of its own currency to support the cash flows needed to buy it back.  The thought of buybacks is to support the asset in the open market with other traders selling to the organization.  Steem would fail at this currently as Steemit Inc has no revenue outside the reward pool and is not generating fiat.  This is why project like Steem Monsters are important to foster as they do generate fiat cash flows and could potential act as a stabilizer to the market.

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