Lately I’ve been looking at options a lot, so I’ve been thinking about one thing: who exactly is “time value” taking a bite out of. Buyers always feel like they can wait for that moment of breakout, but day after day they’re paying while it decays—and before the expiration or exercise date even arrives, they get worn down until they have no temper left. Sellers, on the other hand, just keep eating that decay every day, and they actually live pretty steadily. Put plainly: unless you have super-strong timing ability, standing on the buyer’s side for the long term is basically paying the market a protection fee.

The discussion around AI Agents is pretty much the same. Lots of people hype up automated trading as something that can generate Alpha, but once you actually run on-chain interactions and factor in gas fees and time costs, the profits might not be as much as you think after all—perhaps they’re even eaten up before you realize it. The security crowd has been getting more and more picky: audits, rate limits, pause switches. It looks conservative, but it can keep you alive.

Right now I’m leaning toward treating the seller’s strategy as my core position, then adding a bit of low-correlation cross-chain hedging. I’m not counting on making a fortune—just don’t let me draw down too much.

What about you?