[momentom]

I was an options market maker for many years and have seen writing naked calls done over time.

If the trader has some expertise then it works for a time and profits get re-invested and size increases until the day when an unexpected event happens and the trader goes bankrupt.

I've seen it happen over a dozen times in the last 20 years. A great example was on Comex Gold in the late 1980's. Look it up. They were smart rich guys.