Quick Summary
PlanB has criticized Ethereum as a premined shitcoin that is centralized.
It is regarded as a reaction to Vitalik Buterin calling the Stock-to-Flow (S2F) model of PlanB a bitcoin “echo chamber” in 2022.
The war shows the ideological differences between cryptocurrencies Bitcoin and Ethereum communities.
PlanB continues criticizing all the shortcomings of Ethereum, like the switch to Proof of Stake and token distribution scheme.
Scorching Forthrightness of PlanB Towards Ethereum
On a heated tweet on X (previously Twitter), popular Bitcoin analyst and Stock-to-Flow model developer PlanB (@100trillionUSDX) attacked Ethereum. PlanB referred to it as “centralized,” “premined” and a “shitcoin,” saying Ethereum (ETH) has earned its mockery and misery, because of its derision and organization.
“Ethereum sure does not look good now… those shitcoins that are centralised and premined such as ETH… are toxic and all of the ridicule placed on them is justified.”
— April 20, 2025, PlanB
Three-year Response
It appears that this post is a direct response to Ethereum co-founder Vitalik Buterin who criticized Stock-to-Flow model presented by PlanB to provide investors with false expectations back in June, 2022. Buterin himself stated at the time that these kinds of models were misleading and were open to criticism, which is what PlanB is reflecting back on Ethereum at present.
Stock-to-Flow vs Reality
As the price of BTC no longer follows the model since 2022, Stock-to-Flow model by PlanB has come under much criticism, as it bases its price estimations on the aspect of scarcity. Vitalik took that as a chance to criticize the model, and now it is PlanB rebutting using the decline in the price of Ethereum to reproach him.
Centralization and the Pre-Mine Question
PlanB did not just stop his criticism on the price performance of Ethereum. He happened also to assail the principles of protocol:
- Token Distribution: He argued that the selloffs of the Ethereum Foundation are associated with its pre-mining of tokens.
- Consensus Mechanism: He was critical of the fact that Ethereum changed the consensus system to Proof of Stake (PoS) instead of Proof of Work (PoW), stating it as a departure towards centralization.
- Policy Superiority: He claimed that Ethereum was never able to surpass monetary policy of Bitcoin.
Behind the Beef: Ideology VS Innovation
This conflict is not only over prices or models, but an even bigger philosophical gap. Bitcoin maximalist such as PlanB believes in simplicity, decentralization, and hard money, whereas Ethereum believers believe in flexibility, innovation, and programmable finance.
With each barb traded, it is one thing that we know almost for certain: the crypto community exists on the back of a debate, and this one is a long way from being done.
Your Call?
Is Ethereum really a disaster of a coin or should we conveniently forget about it as another Bitcoin vs Ethereum tussle?
Write your comments below!