These days, I've been watching options positions, and the more I look, the more it seems like I'm observing a "time tax"—who exactly is paying it. The buyer is betting on a sudden explosion, but most of the time, the market just drags on, with time value decreasing a little each day, until you start doubting whether you're paying for anxiety; as for the seller, they seem to collect rent on the surface, but in reality, they're using tail risk as an IOU, eating meat normally, but on extreme days, they might get their table flipped. Honestly, it's not about who is smarter, but who can endure "nothing happening" and "suddenly happening." By the way, it reminds me of the debate in the group about privacy coins/mixing coins and compliance—everyone hopes risks can be confined within boundaries, but the market loves to squeeze through the cracks... what about you?