Well, probably yes. PlanB, the guy who made waves with his Stock-to-Flow model for Bitcoin, sitting at the head of the crypto table, and this week, he’s got Ethereum in his crosshairs. The man’s got a bone to pick, and he’s picking it with gusto.
Weak spots
PlanB says, for starters, that Ethereum’s been taking a beating, price down, dominance slipping, and the ETH/BTC pair hitting a nine-year low.
PlanB, never one to let a good opportunity for a jab pass him by, calls Ethereum a shitcoin.
Ethereum is really not looking good now
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 gethttps://t.co/4EAh8LvsvD pic.twitter.com/nLTLqJz4wp
— PlanB (@100trillionUSD) April 20, 2025
He’s got a laundry list of complaints, too centralized, pre-mined, running on Proof of Stake instead of Proof of Work, and, get this, changing the supply schedule whenever it feels like it.
Deserves all the mockery they get, he says, like a don handing down a verdict.
Now, let’s talk about this pre-mined business. Back in the day, over 72 million ETH was set aside for insiders before the public even got a whiff, about 60% of the total supply.
In the PoS world, that means the fat cats at the top get even fatter, because the more you hold, the more power you got.
“Premine is really a big red flag but I guess some people just don’t care.”
Bad decisions?
You can almost hear the disappointment in his voice, like he just found out his favorite bakery switched to margarine.
And he’s not alone in the peanut gallery. Meltem Demirors, a big shot at Crucible Capital, says Ethereum’s move to Proof of Stake was a trillion-dollar mistake.
Sure, it cut energy use by 99%, but she claims it watered down the network and put a damper on GPU innovation.
Not exactly the kind of press you want when your coin’s already on the ropes.
Flippening? Really?
On the other hand, Bitcoin’s still strutting around with its 21 million cap and a supply schedule tighter than a wiseguy’s alibi.
Strong, maybe essential fundamentals. PlanB’s S2F model? Still calling for Bitcoin to hit the stratosphere in 2025, maybe even $500,000 or more. But Ethereum? It’s stuck defending itself while the critics pile on.
PlanB’s not pulling any punches. Ethereum’s got questions to answer, and until it does, don’t expect the mockery to stop.
In this game, reputation is everything, and right now, ETH’s is looking a little bruised.
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