Recently, I’ve been reflecting a bit on options: Buyers are actually racing against time; each day that passes, the time value decreases a little. In simple terms, the "delay fee" you pay is being slowly eaten away. Sellers, on the surface, seem to be collecting rent, earning the probability that "nothing big happens" during this period. But the cost is that tail risk is fully concentrated, and if a big wave really hits, it can easily wipe out all the gains collected earlier, and then some. The turning point is that many people treat sellers as stable income, but it’s actually quite similar to the recent practice of pledging and shared security, where "compound returns" look like they’re earning steadily: it seems like everyone is making money at every layer, but the risk is becoming more and more concentrated. In the end, who is being eaten by time value, and who is bearing the brunt for others… Anyway, I’m now more concerned about what kind of uncertainty I’ve actually bought and whether I can sleep well.