Recently, the group has been discussing stablecoin regulation, reserve audits, and various screenshots of "de-pegging." When emotions run high, everyone loves to buy options as a protective talisman. To put it simply, option buyers are buying time, hoping the market will move favorably before expiration; but as long as you choose the wrong direction or the timing is half a beat slow, the time value gradually erodes you, like waking up every day with a "patience tax" deducted. Conversely, sellers are collecting this patience tax, but don’t idolize it—if a black swan event occurs, the premium collected before isn’t enough to wipe the floor with you.

I now see it more as practice: practicing not to impulsively add to positions amid noise, practicing to cut positions small enough to sleep peacefully. Being able to survive long-term is more important than winning big in the short term. That’s how I’ll proceed for now.