waxwing on Nostr: Holding such a token is not holding an option; they don't have any right (to buy or ...

Holding such a token is not holding an option; they don't have any right (to buy or sell) attached. Take the example of selling a call option. You give that optionality to someone, you get back something (money or whatever) in the trade. This kind of thing is an interesting inversion: you cryptographically restrict yourself from doing something, and the market *can* decide that the positive externality you created is worth something. Re: "after the lock the user has V sats plus some tokens, should they be richer?" - that's exactly the thesis. That you gave a specific positive externality to all the other users of bitcoin by removing your bitcoins from the saleable market for a time; how valuable that is to those other users, is something only the market can fully determine. But you *did* give that option to sell away, as a sacrifice; it does not return at the end of the locking period. You lost something specific. In a crude analogy, if I am put in prison for 1 year and then released, you can't say I didn't suffer because I am now free.