Recently thinking about options, honestly, the time value is like daily settled emotions: the buyer is paying money for "possibility," as long as the market isn't fast or fierce enough, it gets gradually eaten away by time; the seller is collecting rent, relying on you not being able to reach that moment, but also having to withstand occasional extreme volatility from a needle prick. Many people only focus on the direction, but actually, winning or losing depends more on "speed."

Looking at the current pledge and shared security yield stacking, I can understand the fuss: it feels like packaging the time value into interest and selling it to you again. The more layers there are, the more unclear it is who is bearing the tail risk.

What I fear most is not slowness, but chaos—slowness can still follow rules, but chaos means the rules are changing while being followed, and no one can clearly figure out who the time value is eating away. Before voting, I’ll stick to my usual approach: finish translating the original text first, and then talk, so as not to be led astray by summaries.