These days I've been looking at options trading again, and the more I look, the more it feels like crouching on an NFT old grave: buyers are buying "storylines," sellers are selling "time." The concept of time value is pretty ruthless; even if you do nothing, it’s bleeding you dry, and every morning the buyer wakes up feeling like they’ve lost a little more life; the seller, on the other hand, can slowly eat away at others’ expectations if they can hold on.

Honestly, if the market isn’t crazy enough, or isn’t crazy fast enough, buyers are easily worn down to doubt their own lives; sellers aren’t guaranteed to win either—if they hit a sudden explosive move, they can go from collecting rent to destroying the house in an instant. Recently, I’ve been seeing that old script of blockchain game economic collapse: inflation + studio + coin price spiral, which is a bit like the time value of options—both are “dragging you down until you’re gone.” I’m more laid-back now; buyers can just buy tickets to watch the show, and sellers can just pick up coins on the floor—just don’t pick up a landmine.