Staring at that options curve for half a day, the more I look, the more it feels like handing over rent with time… Every day, the buyer wakes up and gets bitten by time value first; even if the market doesn’t move, they’re still bleeding. The seller is like a landlord, slowly putting that little bit of “time” into their pocket—but if a big wave of volatility really hits, they might just step on a landmine and get burned. Lately, everyone keeps talking about pledge unlocks and the token unlock calendar; once sell-pressure anxiety kicks in, implied volatility jumps, and the buyer’s costs get even higher—yet the seller looks more tempting instead, even while becoming more likely to be taught a lesson by a “black swan.” Anyway, as someone who grows potted plants, I’d rather make a little less: I’ll only sell with a small position, keep a bit of water level in the mix, and don’t let one unexpected incident flip the pot over.