Bitcoiner PlanB Slams ETH: 'Centralized & Premined' Shitcoin
In a recent series of posts on the X platform, Bitcoin enthusiast and pseudonymous stock-to-flow (S2F) model creator PlanB has reignited his criticism of Ethereum, calling it "centralized" and "premined." PlanB's scathing remarks are aimed at what he perceives as Ethereum's shift away from its original decentralized principles and towards a more centralized and controlled system.
Centralization and Premining: A Growing Concern
PlanB has long been vocal about the limitations of Ethereum, and his latest posts are no exception. He argues that Ethereum's transition to proof-of-stake (PoS) is not only a departure from its original decentralized architecture but also a recipe for disaster. According to PlanB, PoS "is harmful and deserve[s] all the mockery they get." He also points out that Ethereum's changes in issuance rate are a further indication of its centralization.
Ethereum Full Node Requirements: A Decentralization Disaster
PlanB has also highlighted the massive storage requirements for running an Ethereum full node. According to Etherscan data, an Ethereum archival node requires over 21.8 terabytes (TB) of disk space, making it impossible for most users to run on their hardware. In contrast, Bitcoin's full nodes require under 700 gigabytes (0.7 TB), making them much more accessible and contributing to a higher network decentralization.
A Critique of Vitalik Buterin
PlanB has also taken aim at Ethereum co-founder Vitalik Buterin, mocking his old post from June 2022 in which he dismissed PlanB's S2F model. In response, PlanB retorted with a new post stating that "Ethereum is really not looking good now." He views Buterin as a "single point of failure" who has unduly influenced Ethereum's development.
Ethereum Rolling Back Transactions: A Risky Proposition
PlanB has also raised concerns about Ethereum's history of rolling back transactions, citing the 2016 DAO hack. While some have argued that this would be next to impossible on a more mature network like Ethereum today, PlanB remains skeptical.
Context and Counterarguments
Not everyone shares PlanB's skepticism, however. Jeremiah O'Connor, chief technology officer and co-founder at crypto cybersecurity firm Trugard, has countered that Ethereum and Bitcoin serve different purposes and are not directly comparable. He argues that every ecosystem engages in centralization tradeoffs and that Ethereum developers are working to address the issue.
Bitcoin and Decentralization
O'Connor also highlighted the benefits of Bitcoin's decentralized architecture, viewing it as a "rock-solid value storage" and Ethereum as "where the builders are." He believes that both assets have their own strengths and weaknesses and that they complement each other.
The Future of Ethereum
As for Ethereum's future, O'Connor remains optimistic. He views the project's ongoing development and efforts to address centralization concerns as a positive sign. However, he also acknowledges that there is still much work to be done.
While PlanB's criticism of Ethereum may not resonate with everyone, it is clear that the project faces significant challenges in its pursuit of decentralization. As the debate around Ethereum continues, one thing is certain: only time will tell if the asset can overcome these hurdles and achieve true decentralization.