Last night before bed, I took a quick look at the options market, and suddenly I remembered an old question: who is really being eaten by time value? The buyer is actually racing against "time"; your judgment of the right direction is useless, because if you're a bit slow, that tiny bit of time decay will wipe you out. The seller seems to be collecting rent, waiting for time to help, but when a big wave hits, it’s like losing several months’ worth of rent all at once. In other words, they’re holding tail risk in their arms.

What I care more about now is: are you buying "certainty" or "surprise"? Buyers buy surprises, sellers sell surprises. The kind of inflation + studio + coin price spiral in blockchain games is actually quite similar to the seller’s mindset: they pick up small gains every day, but when a systemic collapse happens, time not only doesn’t save you, it makes you sink deeper… Anyway, I’d rather take a small position as a buyer accepting losses than pretend long-term that I can be a stable landlord.