Lately, I always have the feeling that "time is stealing" when watching options.

Buyers wake up every day feeling like they've found their wallet a little lighter, doing nothing, and the time value just keeps decreasing on its own;
sellers, on the other hand, feel like collecting rent, but also feel uneasy, afraid that a big wave of volatility might wipe out all the gains they've made so far.

To put it simply, the time value eats into the "waiting" cost:
you wait for the direction to be realized, and the market charges by the day.
Many people only focus on whether they're right or not, ignoring how fast they need to be to win.

By the way, now that everyone is comparing RWA, USD bond yields, and on-chain yield products, I also think:
that kind of "seems steady annualized return" is actually a bit like the seller slowly earning time;
the only difference is whether the risk warning has clearly written the permissions/clearing...
Anyway, I now prefer to do less rather than rely on missed opportunities and luck to make a living.