2 ms·

I just feel like it's a typical libertarian comment that markets solve things because they will probably react eventually. It's not wrong to expect the feedback

I just feel like it's a typical libertarian comment that markets solve things because they will probably react eventually. It's not wrong to expect the feedback, but in the meantime, havoc that affects people occurs. That legitimately can affect peoples' opinion of a process.

rolltiide 7y ago
The problem with marginalizing it to "libertarian" means that you imagine that it is a future ideal reality for libertarians that doesn't already exist, while you simultaneously don't even entertain the argument presented. Cognitively negligent. If the auction didn't happen, then there would be a software problem to fix and a criticism of trusting MakerDao and "decentralized finance" smart contracts. If the auction did happen, and only 1 person showed up and bid as low as possible, there isn't a problem. I was on the MakerDao video conference, and people suggested software tweaks such as a minimum, and people pointed out that it wouldn't make much of a difference for the person that got liquidated and if the market actually was moving faster (like it was at the time) an arbitrary - but software hardcoded - minimum would have disrupted the auction anyway. The only thing that happened here is nobody showed up to the auction. Now you and thousands of other people know that there is an opportunity to be the only one at a auction, and non-existing UI prevents a crowd from being notified and showing up. And yet, if you want the opportunity to make millions, you'll figure it out, and so will other people, and you will start to outbid each other.