These past few days, I've been a bit obsessed with options markets, the more I look, the more I feel that time value is essentially slowly gnawing at the buyer's patience. If you buy a call/put, the direction is correct but the movement is slow, and as time passes, the premium leaks out like air escaping; the seller feels more comfortable, relying on time to collect rent, but once a sudden big move occurs, the small gains they've accumulated aren't enough to cover the losses, and the explosion can be more painful than impermanent loss.

I'm actually quite casual about "long-term" myself... after being in the chain for a while, long-term might just mean one or two months, as long as I can withstand a few big swings and emotional flips, I consider it long-term. Quarterly? Unless the position is so small it doesn't affect sleep.

By the way, hardware wallets have been out of stock lately, and phishing links are everywhere. Now I actually verify the address and signature content before placing an order—better to miss a needle than to have a security breach, it's too embarrassing.