I now see options like a collage: the buyer holds "time," which fades daily even if untouched; the seller holds "patience," slowly scraping away the opponent's paint with time. Frankly, who is the time value really eating? Most of the time, it eats the buyer's emotions and hesitation, as the market hasn't moved yet and theta erodes it away.

But sellers aren't just sitting back and winning either; when a sudden surge happens, the premium they collected before becomes as fragile as paper, and they have to top up margin until they doubt their own sanity. I'm personally quite cautious—buyers only dare to buy a small lottery ticket, and sellers only sell at positions I'm willing to take on, preferring to earn less. By the way, a quick rant about the on-chain MEV/sorting system—miners and validators scoop up a few more slices, retail orders get pushed around, and the time cost is layered on even more... Anyway, let's just leave it at that for now.