Nothing in this article about the holes "in-flight", but an interesting design.
"Holey" bullets claimed to go faster
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At the same time, the gases shooting out of the vents are also said to create a rocket-like effect, increasing the bullet's velocity. All of you physicists are welcome to weigh in on this one, but it's hard to say if gases exiting the sides of a bullet would really cause it to travel any faster than gases that were limited to pushing on it from behind.
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