In the high-stakes world of crypto, drama isn’t rare—but it sure is entertaining. The latest episode? A Twitter war that reignites the long-standing beef between Bitcoin’s Stock-to-Flow model creator, PlanB, and Ethereum’s co-founder, Vitalik Buterin. And this time, PlanB isn’t holding back.
He just dropped a nuke on Ethereum, calling it a “centralized premined shitcoin”, throwing shade at its tokenomics, governance, and even its foundational philosophy.
Let’s break it all down—no jargon, no fluff, just the straight crypto tea.
🧠 Who’s PlanB, and Why Should You Care?
If you’ve spent any time in Bitcoin circles, you’ve probably heard of PlanB. He’s the anonymous Dutch institutional investor who created the Stock-to-Flow (S2F) model—a popular (and controversial) method to predict Bitcoin’s price by measuring its scarcity.
The model suggests that assets with a low rate of new supply (like Bitcoin) become more valuable over time. In 2020-21, when Bitcoin surged, the model looked golden. But post-2022, Bitcoin began deviating from its predicted path—and critics pounced.
One of them? Vitalik Buterin.
🔁 Rewind to 2022: Vitalik Throws Shade First
Back in June 2022, Ethereum’s boy genius Vitalik tweeted:
“Stock-to-flow is really not looking good now… I think financial models that give people a false sense of certainty that ‘number-go-up’ are harmful and deserve all the mockery they get.”
Oof. That hit PlanB right where it hurts—in his predictive model.
PlanB didn’t fire back immediately. He kept it low-key… until now.
⚔️ The Comeback: PlanB Returns Fire
Fast forward to April 20, 2025. PlanB fired off a tweet saying:
“Ethereum is really not looking good now. Shitcoins like ETH that are centralized & premined are harmful and deserve all the mockery they get.”
Boom. Mic drop.
He doubled down, saying Ethereum “qualifies on all aspects to be a real shitcoin.” His reasons?
- No fixed supply
- Centralized governance
- Premine with constant token dumps
- Proof-of-stake over proof-of-work
PlanB didn’t just clap back—he wrote a whole diss track.
💰 Ethereum’s Premine Problem: Is It Real?
Let’s talk about that dirty word: premine. In Ethereum’s 2015 ICO, about 60 million ETH were allocated to insiders, developers, and the Ethereum Foundation before the network launched publicly. Another 12 million went straight to the Foundation.
That’s a massive chunk—about 72 million ETH—before the public even got in.
Critics like PlanB say this undermines Ethereum’s credibility. It raises concerns about centralized control, especially when the Foundation frequently sells ETH during market highs.
Imagine if Satoshi Nakamoto had dumped BTC at every bull run. Yeah—people would riot.
🧪 Proof-of-Stake vs. Proof-of-Work: The Philosophical Divide
Ethereum switched to Proof-of-Stake (PoS) in 2022, ditching its energy-heavy Proof-of-Work (PoW) model. Supporters called it a green revolution. Critics? They saw it as centralization in disguise.
PlanB, a Bitcoin purist, argues that PoS undermines decentralization because it favors the wealthy. The more ETH you stake, the more you earn—and more control you gain.
Bitcoin, on the other hand, sticks to PoW, where anyone with enough hardware and electricity can compete fairly to mine blocks.
So, for maximalists like PlanB, Ethereum’s switch is a betrayal of crypto’s roots.
📉 Ethereum’s Price Action Isn’t Helping Its Case
PlanB’s comments come at a time when Ethereum isn’t exactly crushing it.
- ETH has been underperforming compared to Bitcoin
- The Ethereum Foundation keeps selling chunks of ETH
- Vitalik himself admitted he’s frustrated with the community’s focus on NFTs, memecoins, and “degen casino” culture
The narrative isn’t looking great. And in crypto, perception is half the battle.
😬 Is PlanB Right—or Just Salty?
Let’s play devil’s advocate for a second.
Yes, Ethereum was premined. Yes, its supply isn’t capped. And yes, the Foundation sells ETH. But here’s the thing: Ethereum is still the backbone of Web3.
From DeFi to NFTs, DAOs to L2 rollups, Ethereum powers most of it. Even Bitcoin maxis can’t deny its utility. So, while PlanB raises valid concerns, calling ETH a “shitcoin” feels like… well, overkill.
But then again, this is crypto. Nobody plays nice.
🧠 Buterin’s Counterpunch? Silence (So Far)
Surprisingly, Vitalik hasn’t responded. Maybe he’s taking the high road—or maybe he’s crafting another philosophical takedown that’ll drop like an Ethereum Foundation sell-off.
Either way, you can bet the crypto community is waiting.
⚖️ Community Reactions: Divided, As Always
Crypto Twitter had a field day.
- Bitcoin Maxis were cheering PlanB like he’d just won a heavyweight title.
- ETH supporters rolled their eyes, calling him outdated and bitter.
- Some neutral analysts admitted that PlanB made fair points—especially regarding centralization and governance.
The fight highlights a deep philosophical split in crypto:
- Bitcoin = Scarcity, decentralization, store of value
- Ethereum = Utility, innovation, smart contracts
Which is better? Depends on who you ask.
🧩 Final Thoughts: A Necessary Debate
PlanB vs Ethereum isn’t just a personal feud. It’s a symbol of the bigger debate in crypto—between old-school monetary purity and new-age programmable finance.
And maybe that tension is healthy. It pushes both sides to improve. After all, if Ethereum can address its centralization concerns, and if Bitcoin can explore more use cases beyond “digital gold,” we all win.
For now though, the gloves are off. And we’re here for it.
🔍 TL;DR
The battle between Bitcoin purists and Ethereum innovators is heating up—and it’s not ending anytime soon.
PlanB slammed Ethereum, calling it a “centralized premined shitcoin.”
He was responding to Vitalik Buterin’s 2022 criticism of the Stock-to-Flow model.
PlanB’s main issues: Premine, proof-of-stake, no fixed supply, and Foundation token dumps.
Ethereum remains a powerhouse in Web3, but its decentralization credentials are under fire.
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