Bitcoin Analyst PlanB Slams Ethereum: “ETH Is a Shitcoin”

Bitcoin Analyst PlanB Slams Ethereum: “PoS and Centralization Are Harmful”

Ethereum has been under fire from prominent Bitcoin analyst PlanB, who is well-known for the Stock-to-Flow (S2F) model, because of the sharp decline in ETH’s price and market share since the year’s start. According to PlanB, the ETH/BTC trading pair had dropped to its lowest level in nine years. He called Ethereum a “shitcoin,” pointing to its variable supply schedule, pre-mined supply, centralized structure, and preference for Proof of Stake (PoS) over Proof of Work (PoW).

I know it’s impolite to gloat and all that, but I think shitcoins like ETH, that are centralized & premined, have PoS instead of PoW, switch supply schedule at will, are harmful and deserve all the mockery they get,

PlanB

There are others who share these opinions besides PlanB. Ethereum’s energy consumption decreased by more than 99% after switching to PoS through “The Merge.” However, according to some experts, this change diminished the network’s long-term worth. Crucible Capital executive Meltem Demirors referred to the action as a trillion-dollar mistake. She thinks it slowed down GPU hardware progress and diluted Ethereum‘s core network.

Is Ethereum Too Centralized? Critics Highlight PoS and Premine Flaws

PlanB not only criticized PoS but also brought up the pre-mine controversies surrounding Ethereum. According to ETH’s tokenomics, developers pre-mined more than 72 million ETH in the early going, which accounts for roughly 60% of the total amount in circulation. In particular, under PoS, where big holders have more control over transaction validation, this could give a tiny group undue power.

Premine is really a big red flag but I guess some people just don’t care,

PlanB

Since Ethereum’s dominance reached a five-year low and the cryptocurrency has fallen by about 60% since the end of last year, these criticisms have gained traction.

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