I feel like many people talking about options only focus on whether the "direction is correct," but the buyer is actually racing against time: you're buying opportunity, and the time value is leaking out every day. To put it simply, not acting also results in a loss. The seller, on the other hand, is collecting this "delay tax"; the more hesitant and sideways you are, the more comfortable they are. But don’t think of it as free money—when a black swan hits, the small premium collected earlier isn’t enough to wipe out the losses.

These days, the group is again discussing stablecoin regulation, reserve audits, and various "de-pegging" screenshots. When emotions run high, it’s very much like being an options buyer: feeling that a big event is about to happen. Anyway, what I care more about is: are you paying time to the market, or collecting time while bearing tail risk? This is the third time I remind myself—don’t get caught up in the hype from screenshots.