The third time being taught about "time" in options... I used to always think that the buyer was the most miserable, being worn down by time value every day, and before the market moved, they would be worn out first. Later, I tried being a seller myself and found it’s not a comfortable situation either: you collect the premium, but in fact, you're hiding a "black swan" in the books, looking stable on the surface, but when volatility hits, you have to bear it with your life, especially when no stop-loss is set.

Recently, the group has been discussing stablecoin regulation, reserve audits, and various rumors about "de-pegging." My first reaction isn’t to bet on a direction, but to check if my positions have been eaten away by time and volatility together: buyers fear dragging, sellers fear jumping. To put it simply, who the time value is eating depends on whether you have rules to keep it in check—I now prefer to take a small loss and exit rather than experience zeroing out again. That’s it for now.