Lately I’ve been getting a bit too obsessed with options. That “time value” thing feels like option buyers and sellers live in completely different worlds.

Buyers are buying a “time lottery”—they pay a little insurance premium every day, gambling on a breakout. But as the days go by, most of the time it’s just watching the premium get slowly worn down. Sellers have it much better. It’s like collecting rent: day after day, they calmly take in the depreciation that comes from time passing. As long as they don’t cause any extreme events, their win rate is high.

I think I’m more of a seller mindset than a gambler’s mindset. I split risk into smaller portions—like choosing out-of-the-money options or a spread—so I’m sure I don’t get cut too badly by the “time scythe.” Anyway, the on-chain gaming scene has been crashing pretty badly lately. The “scythes” of inflation and studios are worse than options, and when the coin price spirals downward, it’s even more frustrating than losing as a buyer.

That’s it for now—I’m going to keep working on my little strategy.