PlanB blasts Ethereum as a garbage coin: its level of centralization far exceeds that of Bitcoin, and it deserves to be mocked by everyone...

PlanB, a well-known cryptocurrency analyst and developer of the Bitcoin S2F model, recently strongly criticized Ethereum on the X platform, calling it a "centralized, pre-mined, proof-of-stake (PoS)-based shitcoin with a freely changing supply schedule." (Synopsis: Ethereum Foundation Extinguishes Fire: Vitalik's "Go to EVM Proposal" has a big impact!) But in the end, it is up to the community to decide) (Background added: Abandoning miners to become a failure of ETH? Analysis: "Funding attention is getting lower and lower" after Ethereum's switch to PoS in 2022) Cryptocurrency analyst and developer of the Bitcoin Stock-to-Flow (S2F) model, PlanB, strongly criticized Ethereum (ETH) on the social platform X on April 20. He retweeted a June 2022 tweet by Ethereum founder Vitalik Buterin (which criticized the S2F model at the time) as an opportunity to push back against Ethereum, calling it a "centralized, pre-mined, proof-of-stake(PoS)-based" Shitcoin with a random change of supply schedule. PlanB tweeted: Ethereum looks really bad right now. I know it's a bit rude to gloat, but I think that Shitcoins like Ethereum, centralized, pre-mined, using proof-of-stake instead of proof-of-work (PoW), arbitrarily changing supply plans, are harmful to the ecosystem and deserve all ridicule. Ethereum is really not looking good now I know it's impolite to gloat and all that, but I think shitcoins like ETH, that are centralized & premined, have PoS instead of PoW, switch supply schedule at will, are harmful and deserve all the mockery they get pic.twitter.com/nLTLqJz4wp — PlanB (@100trillionUSD) April 20, 2025 PlanB's critical focus In the interaction with the community, PlanB's criticism focuses on the following aspects: First, he argues that Ethereum's "pre-mining" through initial coin offerings (ICOs), which allows a large amount of ETH to be distributed to early investors and developers before the network launches, is different from Bitcoin's fair distribution model and does not conform to the spirit of decentralization. Second, he questioned Ethereum's decision to move from a proof-of-work (PoW) mechanism to a proof-of-stake (PoS) mechanism after the "merger" of Ethereum in 2022, arguing that this concentrates power in the hands of a few large players, further exacerbating the risk of centralization. In addition, he criticized Ethereum's supply plan for its lack of fixity, allowing developers to adjust ETH issuance at will, in contrast to Bitcoin's fixed supply of 21 million coins. All in all, PlanB believes that these issues show that Ethereum is far more centralized than Bitcoin, and even basic security and decentralization principles cannot be guaranteed. How has the community reacted? PlanB's comments quickly sparked heated discussions in the cryptocurrency community, with Bitcoin proponents and Ethereum backers taking different positions. Bitcoin proponents generally share PlanB's view that Ethereum has been centralized since its inception. Some people even bluntly said: "Holding Ethereum instead of more Bitcoin is my biggest mistake." Ethereum's proponents counter that PlanB's criticism is too one-sided, pointing out that PlanB ignores Ethereum's innovative contributions in areas such as smart contracts, decentralized finance (DeFi), and non-fungible tokens (NFTs). Some users have defended Ethereum, saying that Ethereum's underperformance is due to a contraction in global liquidity, not proof-of-stake or other Bitcoin extremist terms, and that Ethereum's value should not only be in price performance, but more in the long-term potential of its ecosystem. As for the author's opinion, the comment I asked for PlanB is also slightly biased. After all, Ethereum is already the most decentralized project besides Bitcoin, and other coins with the highest market capitalization, XRP, SOL, BNB... Wait, which one is not more centralized? To put it bluntly, the most criticized part of Ethereum by the community at present is just a return to the poor performance of the coin price.... Stop lying. Ethereum is more decentralized than Bitcoin, as shown in the charts. The supply distribution means that the pre-mined amount has no bearing on the network's value today. It's not like a few people hold half the supply. The fact is, Ethereum's underperformance is… pic.twitter.com/nmVch4hGPA — Leo Lanza | lanza.eth (@l3olanza) April 20, 2025 Related Stories A single family is so big that it makes enemies on all sides, is Ethereum okay? Ethereum falls back five years ago! "ETH/BTC" fell below 0.02 to a new low since 2020, and the community FUD has not stopped Paradigm CTO fever Ethereum needs a new language, Sui founder shot back: Solidity and EVM 2018 have problems "PlanB bombards Ethereum as a shitcoin: the degree of centralization far exceeds Bitcoin, and it deserves to be ridiculed by everyone..." This article was first published in BlockTempo "Dynamic Trend - The Most Influential Blockchain News Media".