How Can an Options Trader Use a “Synthetic Short” Position to Achieve a Similar Outcome to a Double-Spend?

A synthetic short position is created by combining a long put option and a short call option at the same strike price and expiration. While it doesn't involve fraud like a double-spend, it allows the trader to profit from a price decline as if they had sold the asset short.

The similarity lies in the risk-reversal outcome: the trader profits from the asset's price moving in a direction that would otherwise cause a loss, similar to how a double-spend reverses a transaction.