I hadn't used MakerDAO up until recently (about 2 weeks ago) which was right after the Black Thursday events.
I opened a vault, collateralized ~19 ETH and decided to do a test run of how the system worked.
Personally, I see the risk there if the vault gets liquidated in another BT-like event. I wonder if they could add more solutions for vault owners to stay ahead of this risk (maybe something like this already exists in the form of private scripts, etc.) --- I would love to be able to have a set price drop in x time frame that refilled my vault to recollateralize in the event of a flash crash to avoid liquidation.
I'm not sure how the liquidations look, maybe you know more than I do and could educate me -- does your vault get immediately liquidated if it reaches the liquidation price or do you have time to refill your vault with more collateral before it's liquidated?
The system is very easy to use, but the big issue is eth volatility to the downside and Maker's oracle, which should have been working but froze up.
When you open a vault the system will tell you at what price liquidation gets triggered, so you have time until then to either pay back some of the debt or deposit more collateral.
Defisaver.com has great tools for Maker vault management. a lot of vault owners that used Defisaver got saved on Black Thursday.
They even made a liquidation dashboard which makes it easy to do collateral liquidations if you're into that sort of thing. https://defiexplore.com/liquidations