Planb将以太坊猛烈抨击，因为ETH价格和优势下降到多年低点

Planb是一位著名的比特币分析师，以股票流量（S2F）模型而闻名，他最近批评以太坊，因为ETH的价格和优势大大下降了

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是一位著名的比特币分析师以股票流量（S2F）模型而闻名，最近对以太坊表示批评，因为自年初以来，代币的价格和市场优势就显着下降。

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).

批评引起了对以太坊的怀疑，即第二大加密货币，重点是其核心机制，尤其是使用股份证明（POS）而不是工作证明（POW）。

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

为什么Planb将以太坊称为“集中”和“预矿”？

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从2022年开始的一篇旧帖子，其中Buterin批评了股票对流量模型，以创造出关于比特币价格的“错误的确定性”。抓住了这个机会，Planb决定嘲笑以太坊，强调了ETH/BTC交易对达到9年的事实。

“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说：“我知道这是不礼貌的，但我认为像Eth这样的shitcoins是集中式和预先的，具有POS而不是POW，随意开关供应时间表，有害，应该得到他们得到的所有嘲弄。”

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并不是唯一持有此意见的人。随着以太坊通过“合并”过渡到POS，其能耗降低了99％以上。但是，坩埚资本高管Meltem Demirors等一些专家认为，这一举动可能最终降低了该网络的长期价值。

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

Demirors将其描述为一万亿美元的错误，认为它将稀释以太坊在GPU硬件中的核心网络和失速创新。

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批评之外，Planb还提出了以太坊的矿山前争议，因为Tokenomics表明，开发人员在早期阶段预先开采了超过7200万ETH，占循环供应的60％。这可能会使小组过度控制，尤其是在POS下，大型持有人对交易验证具有更大的影响。

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

Planb补充说：“前提确实是一个大危险信号，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.

这一批评是因为以太坊的统治地位降至五年低点，自去年下半年以来，代币的价格已降低了近60％。

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

然而，尽管受到批评，但分析师丹尼·马克斯（Danny Marques）强调了ETH在现实世界中的日益增长的作用。

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.

根据Bitwise报告，以太坊网络在2024年处理了大量的Stablecoin交易，甚至超过签证。该报告显示，稳定币促进了近14万亿美元的交易，超过Visa的13万亿美元，而基于ETH的Stablecoin供应量则占Stablecoin总供应量的50％以上。

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

投资者Wise还指出，以太坊占所有现实资产（RWA）价值的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，投资者Allthingsevm.th认为，以太坊每年都变得越来越不集中，而由于民族国家和机构的趋势越来越多，比特币变得越来越集中。

"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.

“告诉我，当民族国家是BTC的最大持有人时，采矿奖励越来越稀疏时会发生什么。当美国或中国经营大多数矿工来``固定''股权'的股份时，网络会更加分散吗？或者，当贝莱德感到自己需要升级发行时，贝莱德会产生自己的硬叉吗？”投资者问。