[miscellaneous]

> great if you want to extract money other's productivity but not so great for the market as an economic structure

No this is not correct. Options are derivatives that are traded on a secondary market. When you buy an option (or two options - call and put - in the case of a butterfly spread) you are buying from someone who is selling the option(s). Hence you are not "extracting" money from others, you are engaging in a voluntary bet with another person.

Derivatives are very important tools in a modern economy. They are frequently used by businesses and individuals to hedge their exposure to volatility and uncertainty. For instance, if you are close to retirement and still own some stocks, you could hedge your downside risk by purchasing put options. This behaviour has no negative effect on the primary market.

> If you extract wealth without improving the market itself how are you a participant?

You are a participant in a secondary market, not the primary market. You only gain wealth if you bet correctly - you still have risk like any other traded asset.