Recently, I've been a bit emotional looking at options markets: the concept of time value, frankly, is just "collecting rent" or "paying rent" every day. The buyer bets that the explosion point will come quickly enough; otherwise, if the volatility doesn't pick up, theta gradually erodes you. The seller seems stable, but actually is taking on tail risk in exchange for that rent. When faced with sharp market moves, a single spike can wipe out months of gains.

What I care more about is: are you buying certainty of direction, or are you selling the "nothing will happen" scenario? In blockchain games, the inflation + studio + coin price spiral is also like a seller’s mindset: usually sweet, but once the death spiral starts, time is on your opponent’s side, and the longer it drags, the worse it gets.

That’s all for now. I’ll go roll over those few positions nearing expiration in my hands.