It’s a kind of “whoever notices it first” situation rather than Maker’s slow auction. To me this seems simpler and effective—I wonder why Maker didn’t do it.
It seems to me that in that system however notices it first can extract a lot of value from the lender. The Maker system minimizes the amount of value that the party that clears the defaulted loans can extract so that different vendors compete to provide that service as cheaply as possible.
It seems to me that in that system however notices it first can extract a lot of value from the lender. The Maker system minimizes the amount of value that the party that clears the defaulted loans can extract so that different vendors compete to provide that service as cheaply as possible.