PlanB Critiques Ethereum's Centralization and Viability

PlanB, the creator of the Bitcoin Stock-to-Flow model, reignited controversy in the crypto community by labeling Ethereum as a 'centralized premined shitcoin' and criticizing its core mechanisms, particularly its shift from proof-of-work to proof-of-stake and its flexible supply schedule. PlanB argued that Ethereum's early token distribution, which involved a significant pre-mine, and its adaptable monetary policy undermine its credibility and give excessive control to a small group of holders, especially under the new proof-of-stake system. These criticisms come in response to Ethereum co-founder Vitalik Buterin's previous dismissal of the Stock-to-Flow model, as well as recent market concerns over Ethereum's price stagnation and foundation-led token sales. The debate underscores deep ideological rifts in the cryptocurrency space, with Bitcoin advocates highlighting Bitcoin's fixed supply and decentralized nature as superior. Despite PlanB's scathing assessment and claims that such projects are destined to fail, Ethereum's network continues to process substantial transaction volumes, and no official response from the Ethereum Foundation or Buterin has been issued. The dispute has sparked renewed debate among crypto investors about the long-term value and structure of major blockchain projects.