These days I've been reviewing options positions again, and the more I look at it, the more I feel that time value is quite "biased": the buyer is slowly being eaten away by it every day, unless the market gives you a big move, otherwise you're just watching the premium shrink; the seller seems like they're collecting rent, but honestly they're taking tail risk as collateral, usually picking up coins casually, occasionally getting run over by a car.

What I care more about is "what permissions are you actually giving up." The buyer can lose at most to zero, with clear boundaries on rights; the seller often faces unlimited potential liabilities, especially with naked selling—no matter how calm you are, it’s a bit like giving root access to the market.

By the way, seeing everyone complain about verifier income, MEV, and unfair ordering, I also get a bit annoyed: the on-chain sequence is like the house seeing your hole cards first, and the time value is already eating away at the buyer, plus a slippage that gets squeezed… Anyway, I’d rather do less now than rely on "habitual trust" to gamble that I won’t get educated. That’s all for now.