Quick Summary
- PlanB criticizes Ethereum, calling it a “centralized, premined shitcoin.”
- The post is seen as a response to Vitalik Buterin’s 2022 jab at PlanB’s Stock-to-Flow (S2F) model.
- The conflict highlights deep ideological divides between Bitcoin and Ethereum communities.
- PlanB doubles down on Ethereum’s flaws, including its transition to Proof of Stake and token distribution model.
PlanB’s Scathing Critique of Ethereum
In a fiery post on X (formerly Twitter), renowned Bitcoin analyst and creator of the Stock-to-Flow model, PlanB (@100trillionUSDX), lashed out at Ethereum. Calling it “centralized,” “premined,” and a “shitcoin,” PlanB claimed Ethereum (ETH) is deserving of mockery and misery due to its design choices and structure.
“Ethereum is really not looking good now… shitcoins like ETH that are centralized & premined… are harmful and deserve all the mockery they get.”
— PlanB, April 20, 2025
A Response Three Years in the Making
This post seems to be a direct clapback to Ethereum co-founder Vitalik Buterin, who in June 2022 criticized PlanB’s Stock-to-Flow model for giving investors false hope. At the time, Buterin remarked that such models were misleading and deserved criticism—words that PlanB is now echoing back at Ethereum.
Stock-to-Flow vs Reality
PlanB’s Stock-to-Flow model, which estimates BTC price based on scarcity, has faced heavy scrutiny since BTC price decoupled from the model’s trajectory in 2022. Vitalik used that opportunity to call out the model, and now PlanB is using Ethereum’s price drop to return the favor.
Centralization and the Pre-Mine Debate
PlanB’s critique didn’t stop at Ethereum’s price performance. He also attacked the protocol’s fundamentals:
- Token Distribution: He claimed the Ethereum Foundation’s sell-offs are linked to its pre-mined tokens.
- Consensus Mechanism: He criticized Ethereum’s switch from Proof of Work (PoW) to Proof of Stake (PoS), calling it a move away from decentralization.
- Policy Superiority: He asserted that Ethereum has never surpassed Bitcoin’s monetary policy.
Behind the Beef: Ideology vs Innovation
This clash isn’t just about prices or models—it represents a larger philosophical divide. Bitcoin maximalists like PlanB advocate for simplicity, decentralization, and hard money principles, while Ethereum supporters prioritize flexibility, innovation, and programmable finance.
As both sides take jabs, one thing remains clear: the crypto community thrives on debate—and this one is far from over.
What’s your take?
Is Ethereum truly flawed, or is this just another Bitcoin vs Ethereum skirmish? Share your thoughts below!