Nearly three years after Vitalik Buterin mocked his Stock-to-Flow model, anonymous analyst PlanB hit back, calling Ethereum a “centralized premined shitcoin.”
PlanB, the anonymous analyst behind Bitcoin’s (BTC) Stock-to-Flow model, took aim at Ethereum (ETH) in a post on X, saying the project is looking worse than ever and arguing that centralized, premined coins like ETH— with proof-of-stake instead of proof-of-work and a flexible supply schedule — are harmful to the space and deserve to be mocked.
Ethereum is really not looking good now
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 gethttps://t.co/4EAh8LvsvD pic.twitter.com/nLTLqJz4wp
— PlanB (@100trillionUSD) April 20, 2025
In an X post on April 20, PlanB wrote that “Ethereum is really not looking good now,” adding that “shitcoins like ETH, that are centralized & premined” are “harmful and deserve all the mockery they get.”
PlanB’s comments come nearly three years after Ethereum co-founder Vitalik Buterin criticized PlanB’s Stock-to-Flow model, which attempts to predict Bitcoin’s price based on the ratio between its existing supply and the rate of new issuance through mining.
Stock-to-flow is really not looking good now.
I know it’s impolite to gloat and all that, but I think financial models that give people a false sense of certainty and predestination that number-will-go-up are harmful and deserve all the mockery they get. https://t.co/hOzHjVb1oq pic.twitter.com/glMKQDfSbU
— vitalik.eth (@VitalikButerin) June 21, 2022
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Back in June 2022, Buterin posted: “Stock-to-flow is really not looking good now. I know it’s impolite to gloat and all that, but I think financial models that give people a false sense of certainty and predestination that number-will-go-up are harmful and deserve all the mockery they get,” a jab that came as Bitcoin’s price was diverging sharply from the projections made by the S2F model.
Now, PlanB seems to be returning fire, this time as Ethereum struggles to show any meaningful price momentum, with the market watching closely as the Ethereum Foundation continues a pattern of token dumps that have raised eyebrows across the crypto space.
In another X post, PlanB noted that Ethereum “qualifies on all aspects” to be a “real shitcoin” as it has “no fixed supply schedule” or “monetary policy.” Additionally, PlanB says, ETH has never outperformed Bitcoin. He also pointed to Ethereum’s token distribution model as a problem, saying the dumping from the Ethereum Foundation “comes with the premine,” which is a “big red flag.”
Read more: ‘Make me feel emotional desire to quit:’ Ethereum’s Buterin frustrated by community’s focus on ‘degen casino’
