All correct (apart from possible unfathomable market antics)....

All correct (apart from possible unfathomable market antics). Your hypothetical data illustrates what I was saying - your share price moves from 2.8 to 98 (+95.2, +3400%)), opo price moves from 0.8 to 93 (+92.2, +11525%), ie. opo price tends to move a bit less in $ terms but a lot more in % terms. In your final example, yes you only lose 0.8 vs 2.8 per option/share, but $100 in either loses $100. OTOH, if the share price just sticks at 2.8 till option expiry, in shares your paper loss is $0, in options you lose $100.