Planb将以太坊（ETH）猛烈抨击为“集中”和“预装”硬币

比特币分析师Planb以其股票流量（S2F）模型而闻名，他对以太坊（ETH）进行了严厉的批评，他称其为“集中”和“预矿”硬币。

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.

比特币分析师Planb以其股票流量（S2F）模型而闻名，他对以太坊（ETH）的严厉批评，将其贴上了“集中式”和“预矿”硬币的烙印。自2025年初以来，以太坊的价格和市场优势下降，他的评论就显着下降。

PlanB's Key Criticisms of Ethereum

Planb对以太坊的主要批评

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的批评集中在以太坊的核心机制上，尤其是其从工作证明（POW）转变为股份证明（POS）和网络的标记学。在最近的一篇文章中，Planb提到了以太坊联合创始人Vitalik Buterin的2022年声明，Buterin批评了股票对流程模式。 Buterin的评论是回应该文章的一篇文章，该文章断言比特币的价格随着哈希速率的提高而降低，而DEFI协议中使用的硬币价格遵循这些协议中的总价值锁定（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利用这一机会强调说，ETH/BTC交易对到8月已经达到了九年低点，进一步加剧了他关于以太坊有缺陷的说法。

"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协议中使用的硬币应遵循这些协议的TVL（例如，链接，Uni，AAVE）。但是BTC哈希速率正在上升，与此同时，我们看到人们大量出售他们的链接，uni，aave coins。在这种设置中有根本上有缺陷。也许这就是eth/btc在9年的低低处。”

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)."

巴特林还提到，要受到通货膨胀的硬币往往会降低价格，而用作金钱（例如比特币）的硬币保持其价值。 Planb继续说，继续说这是错误的，并补充说：“用作金钱的硬币不受通货膨胀的影响。”他进一步指出：“比特币用作通货膨胀对冲（反菲亚特）而不是金钱（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继续将以太坊视为“狗屎币”，指控它由于其预处理的供应及其POS机制而被集中。他认为，取代能源密集的POW的POS通过使大型持有人对交易验证的控制权进一步集中了以太坊。他声称，这破坏了以太坊的权力下放，这是其核心卖点之一。

The Pre-Mine Controversy

预矿体争议

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对以太坊的主要关注之一是ETH的预矿。在以太坊的发展初期，预先开采了7200万ETH，约占总供应的60％。这种早期分配使开发商和早期投资者在网络中有很大一部分，并有可能在一些大型参与者手中集中控制。 Planb认为，这一“前提”是一个关键的危险信号，尤其是在POS的背景下，在POS的背景下，大令牌持有人可以对网络产生巨大影响。

"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."

“他们预售了总供应量的60％，现在确实是POS，这为大型ETH持有人提供了更大的控制权，以控制链条。令人难以置信的是人们一次又一次地陷入了这一骗局。”

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对以太坊的敏锐批评与以太坊的统治地位相吻合，自2024年底以来，ETH的价格下降了近60％。

Ethereum's Growing Real-World Use

以太坊不断增长的现实使用

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.

尽管受到批评，以太坊仍在现实世界应用中发挥重要作用。分析师丹尼·马克斯（Danny Marques）强调，在2024年，以太坊处理了比签证要多的稳定交易，而以太坊网络上的稳定币则以超过14万亿美元的价格进行交易。这个数字相比，Visa处理的付款13万亿美元。此外，以太坊的网络占总稳定供应的50％以上，进一步强调了其在全球金融生态系统中的相关性。

"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说：“在2024年，以太坊上的签订签名与$ 13T的付款燃烧。此外，> 50％的总稳定剂供应量是以太坊的50％。令人惊讶的时代！#Crypto #Crypto #BlockChain＃Web3，” Marques说。

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，以太坊已成为现实世界资产（RWA）令牌的主要网络，占RWA总价值的56％以上。尽管受到持续的批评，但与传统财务的这种不断增长的融合继续增强以太坊在区块链领域的地位。

Ethereum: Progress Amid Criticism

以太坊：在批评中进步

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.

以太坊的捍卫者认为，随着时间的流逝，该网络变得越来越不集中，甚至暗示比特币在当前的状态下，由于机构的参与日益增加，比特币可能变得更加集中。投资者Anthingsevm.th指出，随着民族国家和大型机构积聚大量BTC，比特币可能面临集中压力。这种情况可能会破坏比特币的分散性质，尤其是随着采矿奖励的减少。

On the Ethereum side, co-founder Vitalik

在以太坊一侧，联合创始人Vitalik