Became interested in the liquidation process and how it all worked; is it worth manual participation?

First-time poster, holder since 2018.

I’m only now reading up on the flip flap flop processes. I’ve understood it generally for a while that “somebody” has to initiate these processes, etc. And of course it makes sense that there are bots watching these opportunities. But even so, I wonder if manual participation, or the sheer possibility, would be attractive to people in any way. Having truly an eBay style webpage that just lists everything that’s being auctioned, and past auctions. Does this already exist?

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Some resources.

Manual Participation - https://liquidations.makerdao.com/

Stats:

https://makerburn.com/#/liquidations
https://daiauctions.com/

Fascinating to see how they reworked the auction system after last March. Makes more sense to do it in reverse, I suppose.

But how does this happen? This might just be my own ignorance around smart contracts, but how do they upgrade the way the smart contract operates? Can lines of code be changed in a non-centralized way?

Manual participation is fully possible. It is a bit of a nail-biter, you curse over gas fees and you watch the prices at Uniswap or similar with intense interest to see if there are immediate arbitrage opportunity or something that will have to simmer a bit.

The system is controlled by MKR voting.
Components of the system can be replaced by MKR vote.

See: Maker Governance - Executive Proposals

I think it’d be nice to automatically divide how much DAI per unit of collateral was paid so we get a sense of what sort of discount they got across these charts.