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Pseudonymous Bitcoin stock-to-flow (S2F) model creator PlanB attacked Ethereum and mocked the project\u2019s co-founder, Vitalik Buterin.<\/p>\n
PlanB mockingly reposted a June 2022 X post by Buterin in which the Ethereum co-founder said S2F \u201cis really not looking good now.\u201d PlanB responded with a new posting stating, \u201cEthereum is really not looking good now.\u201d<\/p>\n In his response to Buterin\u2019s criticism from years ago, PlanB claimed Ethereum and the network\u2019s coin, Ether (ETH<\/a>), are centralized and premined, pointing to its shift to proof-of-stake (PoS) and changes in its issuance rate. He said that those features \u201care harmful and deserve all the mockery they get,\u201d echoing Buterin\u2019s old comment about S2F.<\/p>\n Related: <\/strong><\/em>Bitcoin analyst PlanB transfers Bitcoin to ETFs to avoid ‘hassle with keys’<\/strong><\/em><\/a><\/p>\n In a separate X post<\/a>, PlanB explained that an Ethereum full node requires nine terabytes of disk space, meaning he \u201ccan not run it\u201d on his hardware. The kind of node in question is probably an Ethereum archival node, which, according<\/a> to Etherscan data, requires over 21.8 terabytes (TB) with the Geth client.<\/p>\n An Ethereum full node running the Geth client that prunes older states with the default settings requires 1.28 TB, according<\/a> to Etherscan data. The Bitcoin (BTC<\/a>) and Ethereum communities have long debated what constitutes a full node.<\/p>\n This type of pruned node cannot access the full historical data or generate Merkle proofs for old blocks, which limits its research and bug-finding applications. Still, such nodes can engage in full trustless block and transaction validation.<\/p>\n Bitcoin\u2019s full nodes require under 700 gigabytes (0.7 terabytes), according<\/a> to Statista\u00a0data, and also require much less computing power. This means that users can run Bitcoin full nodes much more easily, leading to a higher node count and higher network decentralization.<\/p>\n Not everyone views the criticism as founded. Jeremiah O\u2019Connor, chief technology officer and co-founder at crypto cybersecurity firm Trugard, told Cointelegraph:<\/p>\n \u201cPlanB\u2019s take is classic Bitcoin maxi energy \u2014 loud, confident and missing half the picture.\u201c<\/p><\/blockquote>\n O\u2019Connor explained that Ethereum and Bitcoin serve two different purposes. He said that \u201cEthereum nodes are bigger and more complex\u201d since Ether \u201cisn\u2019t just digital gold \u2014 it\u2019s a full-on global computer.\u201d<\/p>\n \u201cOf course it\u2019s heavier.\u201c<\/p><\/blockquote>\n He conceded that users relying on centralized data providers like Infura is a problem. Still, he claimed that every ecosystem engages in centralization tradeoffs and that Ethereum developers are working to address the issue, and \u201cit\u2019s evolving fast.\u201d<\/p>\n \u201cCalling ETH a \u201cshitcoin\u201d because it\u2019s not Bitcoin is like calling smartphones a scam because they aren\u2019t landlines,\u201c he said.<\/p>\n He added that the two are different tools with differing purposes. He views Bitcoin as a \u201crock-solid value storage\u201d and Ethereum as \u201cwhere the builders are,\u201d and said that \u201cboth matter\u201d and \u201ccomplement each other.\u201d<\/p>\n Related: <\/strong><\/em>Can the Ethereum blockchain roll back transactions? Understanding the limits and risks<\/strong><\/em><\/a><\/p>\n PlanB also questioned Buterin\u2019s influence on Ethereum\u2019s development, calling him a \u201csingle point of failure.\u201d However, Ethereum Foundation co-executive director Tomasz Sta\u0144czak recently announced that Buterin is stepping back<\/a> from day-to-day operations to focus on research.<\/p>\n PlanB also raised an issue with\u00a0Ethereum rolling back transactions<\/a>\u00a0following the 2016 DAO hack:<\/p>\n \u201cThe fact that this is even possible should worry you.\u201c<\/p><\/blockquote>\n Bybit CEO Ben Zhou suggested an Ethereum rollback<\/a> following the exchange\u2019s $1.4 billion hack. Still, many in the community argued that a rollback happening now, with Ethereum being a more mature network, would be next to impossible.<\/p>\n Bitcoin itself had a comparable incident in its early history as well. On Aug. 15, 2010, an exploit resulted in a transaction that minted 184 BTC on the network<\/a> in block 74638.<\/p>\n Satoshi Nakamoto (still involved in development at the time) and other core developers released an update that rolled back the network to block 74637 and patched the vulnerability. In other words, Bitcoin saw its own blockchain rollback in its early days.<\/p>\n Other points raised by PlanB include Ethereum switching to PoS, which he claims has consequences for the price. He suggested that changes to issuance and governance undermine Ethereum\u2019s value proposition compared to Bitcoin\u2019s fixed and predictable supply.<\/p>\nPlanB\u2019s criticism of Ethereum<\/h2>\n
Buterin as a \u201csingle point of failure\u201d<\/h2>\n