Martial Arts: punch VS open palm? Which is more damaging to opponent?

My question is; does the open palm strike do as much (or about the same) damage as a punch???

Many say a punch with the knuckles is the most damage-inflicting way to strike with the hands, because the knuckles are hard etc. I am a fan of the open palm strike, though, because unlike the punch, it does virtually no damage to the one striking.
 
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