BoomDAO exploited our trust and stole our money twice. DFINITY remains silent; perhaps they don’t see or hear what’s happening. An SNS project they endorsed was supposed to meet their standards—we, as investors, trusted them, and we lost money. Are they not responsible at all? I oppose removing BoomDAO from the SNS because I personally would lose a lot of money, but I support the idea of using the law to prosecute the BoomDAO team. I pledge 100 ICP to anyone willing to take on this significant responsibility and help the community. I call on everyone to support this idea and be ready to contribute funds to achieve our common goal.
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I believe DFINITY bears no responsibility for what happened. However, it does have a responsibility to continue supporting it. BOOM DAO should be removed from the SNS and replaced with a new BOOM DAO, managed by a trustworthy team. Token ownership can be migrated to the new project.
What truly matters is ensuring that those responsible for it have no control anymore. If they want influence, they must buy tokens on the open market with the very funds they stole.
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Welcome to the world of decentralization and open source. They presented the project and we invested. They took the money but the community has the project.
The best solution for this case is the community to create another DAO with their code and find developers to work on the project, leaving them with their control on something irrelevant. With no community they don’t have anything.
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I taugh the narrative of Web3 was: “Don’t trust, verify”.
If we end up with project where we need to “trust”, then we become exactly same as traditional finance and web2.
Web3 is loosing all his main purpose and narrative then, at least for ICP.
The SNS is the issue and should not exist. Most of SNS treasury getting 75% drained within a year without much, or very basic, work done.
If you have a great viable project, the developper should easily find some private investors. SNS is attracting “Try and fail” or “get the money and run” type of project.
I have serious investment in ICP (huge mistake for now) but will never invest in the SNS, ever. It just does not make sense to me.
Also.. the treasury is used mostly for developper, supposed to be anyway. If and when Caffeine get out and do all the programming, as promised, why would a project need treasury then? If the project is serious and have potential, then again, serious investors will jump in.
But… whatever.
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Dfinity has no right to remove them as they did not theoretically break rules. Keep in mind, there are still few projects that depend on them, Diggy and card game, might be even more.
Now if you calculate overall spending into months, then it comes somewhere 20k ICP per month, (YRAL treasury spending is almost same per month 100k usd).
Best option is to let them run out of funds, if can, than friendly takeover to new devs, if they have some plans, they can continiue building.
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Hey guys,
I’m not the BOOM DAO dev team, but if I was…
I would definitly show up in this thread and ask you guys to send me money, promising to take legal action against myself… and then run away with it a 3rd time.
Just something to consider.
If you want my comprehensive opinion on the BOOM DAO guys you can find it here:
https://forum.dfinity.org/t/if-icp-was-dungeons-and-dragons/
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why not learn a lesson and “found” projects only after they accomplished something backwards?
let them get a bank credit or better! make a smart contract with them! no delivery, personal restitution.
first delivery, afterwards payment via accepted proposal by the foundation.
i say this, because in a way and a decentralised way is seems any ICP holder gets robbed by bad projects. but because there are so many ICPs circling noone feels the loss.
for scammers it is like a honeypot race, be shiny and clever, make a good case, rise hopes, get approved and run with dfinity money or launch pad funds to Barbados.
is it not easy? boom dao got money, now show accountability or get sued by my representitive dfinity as a token holder and launch pad investor for fraud, no?
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It can’t just be left like this, because that sends the message that people can steal without facing consequences. We need to take action to permanently discredit them. It shouldn’t be something that fades away after a year, as if nothing ever happened. We must create something that serves as a lasting reminder that they are not trustworthy and should not be invested in.
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Maybe the next SNS launch should be a non-profit legal defense fund dao and the stakers vote on proposal requests for funding to get legal help, terms of repayment or share of reward if damages were awarded in one of suits we funded. Along with how the treasury is managed etc.
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