Recently, I've been looking at options markets again. To put it simply, time value is like collecting rent every day. The buyer pays the rent, hoping that the market will make a big move to earn back that rent; the seller collects the rent but has to bear the tail risk of a sudden crash or surge. Many people only focus on win rate, but actually, you should pay more attention to whether you're eating time or being eaten by time.

What I don't regret is: I prefer to treat the buyer as an insurance premium, a fixed amount, losing everything if it happens; I only take on the seller's side when the volatility premium is obviously high and there are true hedging tools available. Otherwise, watching money come in every day, a sudden drawdown can really mess with your mindset.

By the way, I recently thought about how new L1/L2 projects are offering incentives to pull TVL, and old users complain about "mining, selling," which is a bit like the seller side: usually stable, but when liquidity is suddenly pulled out, you realize whether the risk premium was real or fake. Anyway, I now prefer to buy for certainty, with less fantasy and more data.