Lately, I can’t help but rant a bit after looking at the options board: buyers are like they get “charged rent” by the time value every day—if they don’t move, they get ground down. Even when they get the direction right, they still have to run fast enough to avoid losing. Sellers look like they’re collecting rent, but actually they’re carrying tail risk. Most of the time they just slowly “pick up coins,” but if a big spike comes along, it can wipe out all the little wins from before… So plainly: who exactly is time value eating? Most of the time it’s the impatient buyers; occasionally, it’s the sellers who get overconfident.

This feels pretty much like the recent talk about modularization and the DA-layer narrative. Developers are chatting nonstop, while users are completely clueless: who is really paying the bill for “scalability”? Anyway, for me, as a buyer I just focus on expiration and volatility—don’t treat yourself like a perpetual motion machine. As a seller, think of it as writing insurance terms—don’t pretend there’s no risk. That’s it for now.