PlanB Criticises Ethereum: A Centralised Premined Shitcoin

PlanB criticises Ethereum as a “centralised premined shitcoin,” referencing its proof-of-stake model and lack of fixed supply. His comments respond to critiques of his Bitcoin Stock-to-Flow model from Vitalik Buterin, as Ethereum struggles to maintain price momentum and faces scrutiny over token distribution by its foundation.

PlanB, the creator of Bitcoin’s Stock-to-Flow (S2F) model, criticised Ethereum (ETH), labelling it a “centralised premined shitcoin” in a recent post on X. He asserted that Ethereum’s characteristics, including its proof-of-stake mechanism and flexible supply schedule, make it detrimental to the cryptocurrency market. According to PlanB, such coins like ETH deserve criticism due to their centralisation and lack of stability.

His remarks follow a previous critique from Ethereum co-founder Vitalik Buterin, who in June 2022 dismissed PlanB’s S2F model as misleading. Buterin stated that models providing a false sense of certainty, suggesting that prices will automatically rise, are harmful. This came as Bitcoin’s price diverged significantly from the S2F predictions.

Currently, as Ethereum fails to gain substantial price traction, PlanB is highlighting the ongoing issues within the project. He mentioned that Ethereum lacks a fixed supply schedule and a solid monetary policy, which are essential for a reliable cryptocurrency. Further, he asserted that Ethereum has never surpassed Bitcoin in performance and is undermined by the Ethereum Foundation’s token dumping practices, which he views as a major concern.