How about a 1000 BTC sell order at $3 on MtGox ?

you can't sell BTCs at MtGox when you dont' have BTCs,
and you can't conclude this deal  when the price is at $2.8

I would love to write covered calls on my bitcoins....... 

I just want to transfer my money from China to USA, for example.

Let's say 1 hour (6 confirms)


I just want to send money through bitcoin and overcome the risk to bitcoin's price,
Is there anyway to make this type of fee constant(irrelevant to the price of bitcoin)?

3% is "Great".

3% is probably much less than what it would cost you to hedge against the risk. It's also less than what it would cost you to use an alternative like PayPal. And remember, as opposed to these options, it's not a 3% loss, it's a 3% fluctuation which could be either up or down and in expectation makes no difference.

Take 10% - short with 10:1 leverage on bitcoinica.. there's you're hedge.

You can say that.
Insurance need to be there while sending money through the volatile bitcoin.

How about buying 1000 BTC's for 3$ each and selling them for let's say 4,50$ each? The market volatility works both ways, You never know for sure.

I see a lot of interest in using bitcoin as an intermediate currency just to transfer other currencies from place to place.  Even without the volatility issue, I'm not sure how cost effective it is.  Exchanging between bitcoin and other currencies has costs: both the fees charged by exchanges as well as the spread (e.g. the price at which you can buy 100 BTC is not the same as the price at which you can sell 100 BTC, even ignoring fees).  You could easily lose a few percent to currency exchange costs.  It's still a lot better than paying a $50 wire transfer fee on a $1 transfer for example, but in many situations you may not come out ahead.