These past few days, looking at the options market has been a bit tiring, but I'm still watching. To put it simply, the buyer is betting against time: if the direction doesn't materialize, the time value is gradually eroded, and in the end, it's not that they guessed wrong, but that they dragged it out too long. The seller, on the other hand, treats "time" as wages, but the cost is that you have to withstand that last sudden move, especially when the market suddenly goes haywire.

Recently, the practice of pledging and sharing security has been criticized as "copy-paste," but I can actually understand the controversy: everyone wants to gain more "time value," but the underlying volatility and liquidation risks won't disappear out of thin air; they are just packaged differently. Anyway, I now prefer using small positions as a buyer for insurance, and not recklessly selling naked options with large positions—just trying to survive a little longer.