PlanB Criticises Ethereum, Labels It a ‘Centralized Premined Shitcoin’

PlanB, creator of Bitcoin’s Stock-to-Flow model, criticises Ethereum, calling it a “centralized premined shitcoin.” He argues that Ethereum’s proof-of-stake model and lack of a fixed supply schedule are harmful. This criticism follows Ethereum co-founder Vitalik Buterin’s previous denouncement of the S2F model, and raises concerns about Ethereum’s market viability and distribution practices.

PlanB, the creator of Bitcoin’s Stock-to-Flow (S2F) model, recently denounced Ethereum (ETH) via a post on X. He labelled ETH a “centralized premined shitcoin,” arguing that such projects, reliant on proof-of-stake and flexible supply schedules, are detrimental to the cryptocurrency ecosystem and should be ridiculed.

In his April 20 post, PlanB claimed, “Ethereum is really not looking good now,” emphasising that centralized assets like ETH, which lack inherent transparency, warrant criticism. This comment was made nearly three years after Ethereum co-founder Vitalik Buterin criticised the S2F model during a significant downturn for Bitcoin.

Buterin previously stated that the S2F model presents unrealistic expectations and is misleading. As Ethereum’s price stagnates and the Foundation’s ongoing token operations raise concerns, PlanB’s rebuttal raises critical questions about ETH’s viability. Moreover, he asserted that Ethereum matches the criteria for a “real shitcoin,” highlighting its absence of a fixed supply schedule or clear monetary policy.

Additionally, PlanB pointed out that ETH has never surpassed Bitcoin’s performance and expressed concerns regarding the distribution of tokens by the Ethereum Foundation, noting that their token dumps coupled with premine activities pose significant risks to its integrity. Thus, the ongoing critique underscores broader debates about the sustainability of Ethereum in the cryptocurrency landscape.