Yesterday, I saw someone complaining again about "option buyers being the chives," but I think it's really just that time value is slowly eating away at you: you're buying "the possibility of it happening in the future," and if each day you wake up without a big move, that small premium is like leaking air. The seller looks stable, but they're actually trading tail risk for time, collecting rent normally, and when a black swan really hits, they get caught off guard. The inflation + studio + coin price spiral in blockchain games is also quite similar; everyone thinks they're making money, but in reality, time is squeezing the narrative bubble dry. Anyway, I'm more concerned now about whether I can withstand the worst part, even if it means earning more slowly.