Planb將以太坊猛烈抨擊，因為ETH價格和優勢下降到多年低點

Planb是一位著名的比特幣分析師，以股票流量（S2F）模型而聞名，他最近批評以太坊，因為ETH的價格和優勢大大下降了

PlanB, a well-known Bitcoin analyst famous for the Stock-to-Flow (S2F) model, recently expressed criticism towards Ethereum as the token’s price and market dominance have fallen significantly since the beginning of the year.

Planb是一位著名的比特幣分析師，以股票流量（S2F）模型而聞名，最近對以太坊表示批評，因為自年初以來代幣的價格和市場優勢就顯著下降。

The criticism raises doubts about Ethereum, the second-largest cryptocurrency, focusing on its core mechanisms, particularly the use of Proof of Stake (PoS) instead of Proof of Work (PoW).

批評引起了對以太坊的懷疑，即第二大加密貨幣，重點是其核心機制，尤其是使用股份證明（POS）而不是工作證明（POW）。

Why Does PlanB Call Ethereum ‘Centralized’ and ‘Pre-Mined’?

為什麼Planb將以太坊稱為“集中”和“預礦”？

PlanB referenced an old post by Vitalik Buterin from 2022, in which Buterin criticized the Stock-to-Flow model for creating a “false sense of certainty” regarding Bitcoin’s price. Seizing this opportunity, PlanB decided to mock Ethereum, highlighting the fact that the ETH/BTC trading pair had reached a nine-year low.

Planb引用了Vitalik Buterin從2022年開始的一篇舊帖子，其中Buterin批評了股票對流量模型，以創造出關於比特幣價格的“錯誤的確定性”。抓住了這個機會，Planb決定嘲笑以太坊，強調了ETH/BTC交易對達到9年的事實。

“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 get,” PlanB stated.

Planb說：“我知道這是不禮貌的，但我認為像Eth這樣的shitcoins是集中式和預先的，具有POS而不是POW，隨意開關供應時間表，有害，應該得到他們得到的所有嘲弄。”

PlanB isn't the only one holding this opinion. As Ethereum transitioned to PoS through "The Merge," its energy consumption decreased by over 99%. However, some experts like Meltem Demirors, executive at Crucible Capital, believe this move might have ultimately decreased the network’s long-term value.

Planb並不是唯一持有此意見的人。隨著以太坊通過“合併”過渡到POS，其能耗降低了99％以上。但是，坩堝資本高管Meltem Demirors等一些專家認為，這一舉動可能最終降低了該網絡的長期價值。

Describing it as a trillion-dollar mistake, Demirors argues that it will dilute Ethereum’s core network and stall innovation in GPU hardware.

Demirors將其描述為一萬億美元的錯誤，認為它將稀釋以太坊在GPU硬件中的核心網絡和失速創新。

In addition to PoS criticism, PlanB also brought up Ethereum’s pre-mine controversy as the tokenomics show that developers pre-mined over 72 million ETH in the early stages—about 60% of the circulating supply. This might give a small group excessive control, especially under PoS, where large holders have more influence over transaction validation.

除了POS批評之外，Planb還提出了以太坊的礦山前爭議，因為Tokenomics表明，開發人員在早期階段預先開采了超過7200萬ETH，佔循環供應的60％。這可能會使小組過度控制，尤其是在POS下，大型持有人對交易驗證具有更大的影響。

"Premine is really a big red flag but I guess some people just don't care," PlanB added.

Planb補充說：“前提確實是一個大危險信號，但我想有些人不在乎。”

This criticism comes as Ethereum's dominance fell to a five-year low and the token's price has decreased nearly 60% since late last year.

這一批評是因為以太坊的統治地位降至五年低點，自去年下半年以來，代幣的價格已降低了近60％。

However, despite the criticism, analyst Danny Marques highlighted ETH's growing role in real-world applications.

然而，儘管受到批評，但分析師丹尼·馬克斯（Danny Marques）強調了ETH在現實世界中的日益增長的作用。

According to a Bitwise report, the Ethereum network processed an enormous amount of stablecoin transactions in 2024, outperforming even Visa. The report shows that stablecoins facilitated nearly $14 trillion in transactions, exceeding Visa's $13 trillion, while ETH-based stablecoin supply comprises over 50% of the total stablecoin supply.

根據Bitwise報告，以太坊網絡在2024年處理了大量的Stablecoin交易，甚至超過簽證。該報告顯示，穩定幣促進了近14萬億美元的交易，超過Visa的13萬億美元，而基於ETH的Stablecoin供應量則佔Stablecoin總供應量的50％以上。

Investor Wise also pointed out that Ethereum hosts 56% of all real-world asset (RWA) value, including stablecoins.

投資者Wise還指出，以太坊佔所有現實資產（RWA）價值的56％，其中包括StableCoins。

Moreover, investor AllThingsEVM.eth argued that Ethereum is becoming less centralized each year, while Bitcoin is becoming more centralized due to the increasing trend of nation-states and institutions amassing BTC.

此外，投資者Allthingsevm.th認為，以太坊每年都變得越來越不集中，而由於民族國家和機構的趨勢越來越多，比特幣變得越來越集中。

"Tell me what happens when nation states are the largest holders of BTC while mining rewards get more and more sparse. Will the network be more decentralized when the US or China is running the majority of miners to 'secure' their stake? Or will BlackRock create its own hard fork when it feels its need to upgrade issuance?" the investor asked.

“告訴我，當民族國家是BTC的最大持有人時，採礦獎勵越來越稀疏時會發生什麼。當美國或中國經營大多數礦工來``固定''股權'的股份時，網絡會更加分散嗎？或者，當貝萊德感到自己需要升級發行時，貝萊德會產生自己的硬叉嗎？”投資者問。