Options are starting to look more and more like renting: the buyer pays "time rent," which gets worn down day by day; the seller collects rent but has to put up the "house" as collateral and bears the risk, as a market swing could wipe out the deposit. Who exactly is the time value eating? Honestly, most of the time it's eating the buyer's patience, especially when the price stays flat after you buy, seemingly not losing anything on the surface, but in reality, you're being deducted every day.

But sellers shouldn't get too cocky either; they make small money for bigger risks. When a black swan event hits, the rent they've accumulated might not be enough to cover a single loss. To put it plainly: you either spend money to buy "possibility," or sell off "possibility" to get some stable cash flow—it's all about whether you can withstand surprises.

Recently, looking at blockchain games with inflation + studio + coin price spirals, it feels quite similar: everyone is betting "can I drag out time until I can run away first," but in the end, time ends up eating everyone together. Anyway, I personally care more about permissions and position boundaries; I’d rather earn less than open too many doors with one key.