When cryptocurrency first really started to become a household word around the globe, it was immediately assigned a dark stigma due to the media’s infatuation with Silk Road, the black market that was facilitated through the use of cryptocurrency. This connection made many erroneously believe that crypto and illegal activity were intrinsically intertwined and prevented crypto adoption at the levels that should have been seen. Although the cryptocurrency community has fought hard to release the Silk Road binds, the introduction of the DSV OP_Code could possibly cause a resurgence in negative opinions of digital currency.
A week ago, Dr. Craig Wright of nChain appropriately pointed out, “Adoption didn’t happen because of Silk Road. If you looked at other centralized coins that happened in the 90s and things like this within the first three years, you actually had banks starting to use them; Deutsche Bank was using DigiCash, others were using it. So Silk Road actually killed adoption in Bitcoin. Right now, we would be in a world with probably 500 million people using Bitcoin at least on a daily basis if it wasn’t for Silk Road.”
Bitcoin BCH was created, in part, because a growing number of crypto enthusiasts, developers, proponents and visionaries realized that, for a cryptocurrency to function properly, it cannot be entirely anonymous, a trait that has been available with other cryptocurrencies and which allowed Silk Road to flourish. They rightfully support the belief that cryptocurrency can be private and not anonymous at the same time, which will lead to BCH being accepted more easily by regulators.
DSV reverses this position and can turn BCH into a blockchain that supports complete anonymity. It removes all legal protections a cryptocurrency could afford and revives the almost buried misconception of crypto being good for nothing more than illicit activity.
Roger Ver of Bitcoin.com totally supports DSV, as does Jihan Wu of crypto mining equipment manufacturer Bitmain. Their ability to push for what can only be described as an anarchist implementation of a blockchain has to make people wonder what ulterior motives are behind their position.
Silk Road was inarguably the go-to forum for illegal activity—that much has been confirmed. Ross Ulbricht, founder of Silk Road, has been put away for his actions, sentenced to a life in prison in 2015 (he was actually given two life terms with no possibility of parole). More recently, James Ellingson was arrested in Canada on warrants for drug dealing and being a hitman for hire. All of his activity had been conducted on Silk Road and it is reported that Ulbricht once hired him to take out someone, but this has never been confirmed.
Given that DSV will introduce anonymity into BCH, the move is extremely concerning. Does the BCH community really want a blockchain that can be used for arranging murders and selling drugs? I hope not.
New to blockchain? Check out CoinGeek’s Blockchain for Beginners section, the ultimate resource guide to learn more about blockchain technology.