These past few days, I’ve again been taught a lesson by options’ “time”… When the buyer really is acting like they’re paying rent, every day theta comes to deduct a little blood from me; if the direction never plays out, all you can do is stare blankly. The seller looks like they’re collecting rent, but to put it bluntly, they’re also just betting on “nothing going wrong”—once a pin pricks through, you’ve got to patch the hole, and their mindset isn’t exactly any better.

Right now I’d rather treat the buyer like insurance: I only buy a bit when I’m genuinely afraid of a black swan and don’t want to get wiped out by a perpetual liquidation. Most of the time, I sell in small positions to discount the volatility of spot/perpetuals, and I’m not greedy for that little options premium.

The whole argument about NFT royalties also feels pretty similar: creators want to keep taking “time value” nonstop, while the secondary market wants liquidity so it doesn’t get chewed up too badly… In the end, it’s all about who ends up paying for this “friction.” Someone even complained about me: “You hedge for half the day, and in the end you hedge away your sleep.” Yeah—pretty on point.