Just now, I was checking the market and casually looked at options again. The more I look, the more I feel that time value is quite "biased": buyers are paying rent every day, and even if the market doesn’t move, they still get worn down; sellers seem like they’re collecting rent, but honestly, they’re using tail risk as collateral, and one big wave of volatility could wipe out all the gains they’ve made before. It’s like lending—interest rates are usually gentle, but when a sudden spike hits, you realize what you’re really selling.

What I care about more now is: are you buying "possibility" or selling "stability"? Don’t be fooled by the high win rate for sellers; once correlation rises and volatility spikes, the pressure from the liquidation line and the forced margin calls are similar to being forced into a loan... Anyway, I’d rather earn a little less than wake up to find my account turned into a cautionary tale.

By the way, I also thought about the recent NFT royalty debate, which is kind of similar: those seeking stable cash flow are more like "sellers," but when liquidity drops, it backfires; those betting on hit projects are more like "buyers," admitting they’re burning time value to buy hope. Just take what you need, and don’t bash each other too hard.