I’m increasingly feeling that, most of the time, options are basically just eating away at the buyer’s time. It’s not that the buyer can’t do it—but you have to admit that “waiting for it to happen” is expensive on its own… Every day you wake up and there’s no movement, the premium is a little smaller—like rent being deducted bit by bit. As for the seller, put simply, they’re like a landlord collecting rent: you endure the passage of time and bet that the price swings won’t get too out of hand. Of course, once a real big move happens, it might instantly make you spit back everything you collected before—and you may even have to top up from your own pocket.

Recently I’ve been seeing people complain about on-chain data tools and tagging systems being laggy / able to mislead, and I really relate to that. You think you’re using an “information advantage” to be the buyer, but in many cases you’re just buying a story, while time is laughing coldly from the sidelines. Anyway, right now I care more about whether I’m buying probability—or buying anxiety. For now, that’s it.