“For the good of the coin.”
When Wormhole.cash launched in August, it promised to be a game changer that would allow any group or person to create a token that could represent bonds, stocks, loyalty points, and even fiat. But when the facts were revealed, it was found that the project co-developed by Bitmain Technologies and supported by Bitcoin ABC was nothing but a nefarious plan that strips away the very heart of not just Bitcoin Cash—but the entire cryptocurrency ecosystem.
Then came November and the scheduled protocol upgrade of the Bitcoin Cash network, which also saw a hash war being fought with miners voting between the Bitcoin SV (Satoshi Vision) and Bitcoin ABC implementations of the BCH protocol. And, lo and behold, Wormhole is apparently “coming to Bitcoin SV soon.”
Not much is known about this project supposedly based off Bitcoin SV. On GitHub, the team behind this project said they are “launching soon,” noting that “our fork of Wormhole is in active development.”
According to the team, “While this was a somewhat contentious addition to Bitcoin Cash, our small group of developers sit squarely between supporting Wormhole and supporting Bitcoin SV, big blocks, along with following the insight and strength of Satoshi’s Vision. While many, including Satoshi himself, feel that burning BCH to create WHC is a problem. We feel there is much to be explored in launching Wormhole on Bitcoin SV and look forward to working with BitcoinSV in creating Wormhole on Satoshio’s [sic] Vision of Bitcoin.”
It would appear that the Wormhole SV team doesn’t really understand the original Satoshi Vision for Bitcoin—a blockchain with a protocol that is stable, scalable, secure and enables safe, instant transactions.
The original Wormhole project, which emulates Ethereum (ETH), will result in the Bitcoin Cash network turning into a developer’s playground, opening the system up to a whole host of troubles by turning the ever-watchful eye of securities regulators and government agencies towards Bitcoin Cash. We explained how Wormhole will destroy Bitcoin BCH in depth here and here.
And now we have Wormhole SV promising to be “for the good of the coin.” So again we ask: with Wormhole coded to be able to control and ultimately destroy the network, how can we call it “peer-to-peer electronic cash”?
New to Bitcoin? Check out CoinGeek’s Bitcoin for Beginners section, the ultimate resource guide to learn more about Bitcoin—as originally envisioned by Satoshi Nakamoto—and blockchain.