Planb將以太坊（ETH）猛烈抨擊為“集中”和“預裝”硬幣

比特幣分析師Planb以其股票流量（S2F）模型而聞名，他對以太坊（ETH）進行了嚴厲的批評，他稱其為“集中”和“預礦”硬幣。

Bitcoin analyst PlanB, known for his Stock-to-Flow (S2F) model, has launched a scathing critique of Ethereum (ETH), branding it a "centralized" and "pre-mined" coin. His comments come as Ethereum's price and market dominance have seen significant declines since the start of 2025.

比特幣分析師Planb以其股票流量（S2F）模型而聞名，他對以太坊（ETH）的嚴厲批評，將其貼上了“集中式”和“預礦”硬幣的烙印。自2025年初以來，以太坊的價格和市場優勢下降，他的評論就顯著下降。

PlanB's Key Criticisms of Ethereum

Planb對以太坊的主要批評

PlanB's criticisms focused on the core mechanisms of Ethereum, particularly its transition from Proof of Work (PoW) to Proof of Stake (PoS) and the network's tokenomics. In a recent post, PlanB referenced a 2022 statement by Ethereum co-founder Vitalik Buterin, where Buterin criticized the Stock-to-Flow model. Buterin's comments came in response to an article by The Block asserting that Bitcoin's price tends to decrease as its hash rate increases, while the price of coins used in DeFi protocols follows the total value locked (TVL) in these protocols.

Planb的批評集中在以太坊的核心機制上，尤其是其從工作證明（POW）轉變為股份證明（POS）和網絡的標記學。在最近的一篇文章中，Planb提到了以太坊聯合創始人Vitalik Buterin的2022年聲明，Buterin批評了股票對流程模式。 Buterin的評論是回應該文章的一篇文章，該文章斷言比特幣的價格隨著哈希速率的提高而降低，而DEFI協議中使用的硬幣價格遵循這些協議中的總價值鎖定（TVL）。

PlanB used this opportunity to highlight that the ETH/BTC trading pair had reached a nine-year low by August, further fueling his claims that Ethereum is flawed.

Planb利用這一機會強調說，ETH/BTC交易對到8月已經達到了九年低點，進一步加劇了他關於以太坊有缺陷的說法。

"Coins used in DeFi protocols should follow TVL of these protocols (e.g., LINK, UNI, AAVE). But BTC hash rate is going up, and at the same time, we see people massively sell their LINK, UNI, AAVE coins. Something is fundamentally flawed in this setup. Maybe that's why ETH/BTC is at a 9-year low," PlanB stated.

“在Defi協議中使用的硬幣應遵循這些協議的TVL（例如，鏈接，Uni，AAVE）。但是BTC哈希速率正在上升，與此同時，我們看到人們大量出售他們的鏈接，uni，aave coins。在這種設置中有根本上有缺陷。也許這就是eth/btc在9年的低低處。”

Buterin had also mentioned that coins subject to inflation tend to decrease in price, while coins used as money, like Bitcoin, maintain their value. Continuing his tirade, PlanB asserted that this statement was false, adding that "coins used as money are not subject to inflation." He further stated that "Bitcoin is used more as inflation hedges (anti-fiat) than as money (P2P payments)."

巴特林還提到，要受到通貨膨脹的硬幣往往會降低價格，而用作金錢（例如比特幣）的硬幣保持其價值。 Planb繼續說，繼續說這是錯誤的，並補充說：“用作金錢的硬幣不受通貨膨脹的影響。”他進一步指出：“比特幣用作通貨膨脹對沖（反菲亞特）而不是金錢（P2P支付）。”

PlanB went on to dismiss Ethereum as a "shitcoin," accusing it of being centralized due to its pre-mined supply and its PoS mechanism. He argued that PoS, which replaced the energy-intensive PoW, has further centralized Ethereum by giving large holders more control over transaction validation. This, he claims, undermines Ethereum's decentralization—one of its core selling points.

Planb繼續將以太坊視為“狗屎幣”，指控它由於其預處理的供應及其POS機製而被集中。他認為，取代能源密集的POW的POS通過使大型持有人對交易驗證的控制權進一步集中了以太坊。他聲稱，這破壞了以太坊的權力下放，這是其核心賣點之一。

The Pre-Mine Controversy

預礦體爭議

One of PlanB's major concerns with Ethereum is the pre-mining of ETH. Early in Ethereum's development, over 72 million ETH, roughly 60% of the total supply, were pre-mined. This early allocation gave developers and early investors a significant share of the network, potentially centralizing control in the hands of a few large players. PlanB believes this "premine" is a critical red flag, especially in the context of PoS, where large token holders can have an outsized influence on the network.

Planb對以太坊的主要關注之一是ETH的預礦。在以太坊的發展初期，預先開采了7200萬ETH，約佔總供應的60％。這種早期分配使開發商和早期投資者在網絡中有很大一部分，並有可能在一些大型參與者手中集中控制。 Planb認為，這一“前提”是一個關鍵的危險信號，尤其是在POS的背景下，在POS的背景下，大令牌持有人可以對網絡產生巨大影響。

"They premined 60% of the total supply and now do PoS, which gives even more power to the large ETH holders to control the chain. Unbelievable that people fall for this scam again and again."

“他們預售了總供應量的60％，現在確實是POS，這為大型ETH持有人提供了更大的控制權，以控制鏈條。令人難以置信的是人們一次又一次地陷入了這一騙局。”

PlanB's sharp criticism of Ethereum coincides with Ethereum's dominance hitting a five-year low and ETH's price dropping by nearly 60% since late 2024.

Planb對以太坊的敏銳批評與以太坊的統治地位相吻合，自2024年底以來，ETH的價格下降了近60％。

Ethereum's Growing Real-World Use

以太坊不斷增長的現實使用

Despite the criticisms, Ethereum continues to play a significant role in real-world applications. Analyst Danny Marques highlighted that in 2024, Ethereum processed more stablecoin transactions than Visa, with stablecoins on the Ethereum network clocking in at over $14 trillion in transactions. This figure compares to $13 trillion in payments processed by Visa. Additionally, Ethereum's network hosts more than 50% of the total stablecoin supply, further underscoring its relevance in the global financial ecosystem.

儘管受到批評，以太坊仍在現實世界應用中發揮重要作用。分析師丹尼·馬克斯（Danny Marques）強調，在2024年，以太坊處理了比簽證要多的穩定交易，而以太坊網絡上的穩定幣則以超過14萬億美元的價格進行交易。這個數字相比，Visa處理的付款13萬億美元。此外，以太坊的網絡佔總穩定供應的50％以上，進一步強調了其在全球金融生態系統中的相關性。

"Burning through $14T in stablecoins on Ethereum vs. $13T in payments on Visa in 2024. Also, >50% of the total stablecoin supply is on Ethereum. Amazing times! #crypto #blockchain #web3," said Marques.

Marques說：“在2024年，以太坊上的簽訂簽名與$ 13T的付款燃燒。此外，> 50％的總穩定劑供應量是以太坊的50％。令人驚訝的時代！#Crypto #Crypto #BlockChain＃Web3，” Marques說。

Furthermore, Ethereum has become the dominant network for real-world asset (RWA) tokenization, holding over 56% of the total RWA value. This growing integration with traditional finance continues to strengthen Ethereum's position in the blockchain space, despite the ongoing criticism.

此外，以太坊已成為現實世界資產（RWA）令牌的主要網絡，佔RWA總價值的56％以上。儘管受到持續的批評，但與傳統財務的這種不斷增長的融合繼續增強以太坊在區塊鏈領域的地位。

Ethereum: Progress Amid Criticism

以太坊：在批評中進步

Defenders of Ethereum argue that the network is becoming less centralized over time, with some even suggesting that Bitcoin, in its current state, could become more centralized due to increasing institutional involvement. Investor AllThingsEVM.eth pointed out that Bitcoin may face centralization pressures as nation-states and large institutions amass significant amounts of BTC. This situation could potentially undermine Bitcoin's decentralized nature, especially as mining rewards decrease.

以太坊的捍衛者認為，隨著時間的流逝，該網絡變得越來越不集中，甚至暗示比特幣在當前的狀態下，由於機構的參與日益增加，比特幣可能變得更加集中。投資者Anthingsevm.th指出，隨著民族國家和大型機構積聚大量BTC，比特幣可能面臨集中壓力。這種情況可能會破壞比特幣的分散性質，尤其是隨著採礦獎勵的減少。

On the Ethereum side, co-founder Vitalik

在以太坊一側，聯合創始人Vitalik