Recently, I saw someone discuss options again and suddenly realized: time value is actually slowly "eating away" the buyer's patience. As a buyer, you're purchasing the potential for a big move in the future, but every day you wake up, you're losing money; as a seller, it's more like collecting rent, provided you don't encounter a market that gets pierced by a needle, in other words, exchanging tail risk for a more stable curve.

Lately, the criticism that pledging and shared security are just "cloning" has been around, and I can understand it. The returns look attractive, but the underlying risks haven't disappeared; they've just been packaged to look more like everyday interest. Options are similar—many times, you think you're betting on the direction, but actually you're betting on "time being on your side."

A very simple step I take for safety is: every time I launch a new protocol or strategy, I start with a small amount, run it for a week to see the actual settlement and withdrawal process, then decide whether to add more. It’s a bit troublesome, but it’s more reassuring than chasing after reasons after the fact.