On 20/04, the cryptocurrency community was stirred when PlanB – a famous analyst known for the Stock-to-Flow (S2F) model – unexpectedly launched a fierce criticism of Ethereum on the X platform. In his post, he did not hesitate to call ETH a "shitcoin" and declared that the world's second-largest blockchain platform "has no prospects".
Going back to June 2022, Vitalik Buterin – Ethereum's co-founder – had publicly criticized PlanB's S2F model as a "miserable failure" and "creating dangerous illusions for investors". That comment sparked a fierce reaction from the Bitcoin community.
Nearly three years later, PlanB seems to play the "gentleman's revenge is never late" by using Vitalik's own argument. He wrote:
"Ethereum truly has no prospects... Shitcoins like ETH – which are centralized, pre-mined, use PoS, and have arbitrary supply schedules – are harmful and deserve to be ridiculed."
Accompanying this were charts showing the plummeting ETH/BTC exchange rate and uneven ETH supply distribution – aimed at reinforcing his viewpoint.
PlanB listed several reasons to criticize ETH:
Immediately after PlanB's post, numerous influential accounts in the community spoke up, creating a heated debate:
Satoshi Club acknowledged ETH's inefficiency but believed calling ETH a "shitcoin" was excessive. PlanB immediately responded:
"Ethereum meets the shitcoin standard in every aspect."
Leo Lanza strongly rebutted: "ETH is actually more decentralized than BTC when considering supply distribution." He argued that ETH's price drop was due to weakening global cash flow, not technical factors.
Danny Marques does not support ETH as an investment but emphasized that stablecoins on Ethereum have processed $27.6 trillion in transactions in 2024 – demonstrating ETH's crucial role in DeFi.
The debate once again reflects the core difference between Bitcoin and Ethereum. While BTC is likened to "digital gold" – focusing on simplicity, security, and value storage, ETH aims to be a flexible platform for smart contracts, DeFi, and Web3.
According to data from Lyn Alden, Bitcoin correlates with global liquidation 83% of the time. This helps explain why ETH – considered a riskier asset – is significantly impacted when liquidation tightens.
The verbal battle between PlanB and the Ethereum community is not just a personal clash, but represents two opposing ideologies in the blockchain world: one side maximizing Bitcoin, the other believing in Ethereum's expansion potential.
Although ETH is going through a difficult period, its DeFi and NFT ecosystem still plays a crucial role in the new financial infrastructure. Meanwhile, Bitcoin continues to affirm its position as the top safe-haven asset.
The debate will continue. The question is: Can Ethereum overcome the pressure and prove its long-term value, or will Bitcoin continue to dominate absolutely? Time will tell.
Disclaimer: The article is for informational purposes only, not investment advice. Investors should thoroughly research before making decisions. We are not responsible for your investment choices.
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Thach Sanh
