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Cryptocurrency analyst PlanB: Ethereum is a junk coin! The degree of centralization is far greater than that of Bitcoin
Cryptocurrency analyst PlanB: Ethereum is a junk coin! The degree of centralization is far greater than that of Bitcoin
Cryptocurrency analyst and Bitcoin Stock-to-Flow (S2F) model developer PlanB strongly criticized Ethereum (ETH) on social platform X on April 20.
He retweeted a tweet published by Ethereum founder Vitalik Buterin in June 2022 (which criticized the S2F model at the time) and took this opportunity to fight back Ethereum, calling it a junk coin that is "centralized, pre-mined, proof of stake (PoS) and arbitrary changes in supply plans." PlanB said in a tweet: Ethereum looks really bad now. I know it's a bit rude to gloat, but I think junk coins like Ethereum, centralized, pre-mined, proof of stake instead of proof of work (PoW), arbitrary change of supply plans are harmful to the ecosystem and deserve all ridicule.
PlanB's Criticism Focus
In interaction with the community, PlanB's criticism mainly focuses on the following aspects:
First, he believes that Ethereum's "pre-mining" behavior through the initial token issuance (ICO) allows a large amount of ETH to be allocated to early investors and developers before the network is launched, which is different from Bitcoin's fair distribution model and does not conform to the spirit of decentralization.
Secondly, he questioned the decision to switch from the Proof of Work (PoW) mechanism to the Proof of Stake (PoS) mechanism after the Merge in 2022, believing that this has concentrated power in the hands of a few large investors, further exacerbating the risk of centralization.
In addition, he also criticized the lack of fixedness in Ethereum's supply plan, and developers can adjust ETH issuance at will, which is in sharp contrast to the fixed supply of 21 million Bitcoins.
In short, PlanB believes that these problems show that Ethereum is much more centralized than Bitcoin, and even basic security and decentralization principles cannot be guaranteed.
How did the community respond?
PlanB's remarks quickly sparked heated discussions in the cryptocurrency community, with Bitcoin supporters and Ethereum supporters also holding their own opinions and clearly differentiated positions.
Bitcoin supporters generally agree with PlanB's view, believing that Ethereum has been centralized since its birth. Some people even bluntly said, "Holding Ethereum instead of more Bitcoin is my biggest mistake."
Ethereum supporters refute PlanB's criticism is too one-sided, pointing out that PlanB ignores Ethereum's innovative contributions to smart contracts, decentralized finance (DeFi) and non-fungible tokens (NFT). Some users defended Ethereum, saying that the reason for Ethereum's poor performance is a shrinking global liquidity, rather than a proof of stake or other words that Bitcoin extremists like to use. The value of Ethereum should not only lie in price performance, but also in the long-term potential of its ecosystem.
As for the author's opinion, PlanB's comment is also slightly biased. After all, Ethereum is already the most decentralized project besides Bitcoin. Which of the other top ten currencies with market value is XRP, SOL, BNB, etc., isn’t it more centralized? To put it bluntly, the most criticized part of Ethereum by the community at present is that it is just that it has poor performance in currency prices...
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