Source: Cointelegraph Original: "{title}"
The anonymous Bitcoin (BTC) stock-to-flow (S2F) model creator PlanB has attacked Ethereum and mocked the project's co-founder Vitalik Buterin.
PlanB sarcastically retweeted Buterin's post from June 2022 on the X platform, where Buterin stated that S2F "really doesn't look good right now." PlanB responded, saying, "Ethereum really doesn't look good right now."
In response to Buterin's criticism from a few years ago, PlanB claimed that Ethereum and its network coin ETH are centralized and pre-mined, pointing out its shift to proof of stake (PoS) and changes in issuance rates. He stated that these features "are harmful and deserve all the ridicule," echoing Buterin's earlier comments on S2F.
PlanB's Criticism of Ethereum
In another post on the X platform, PlanB explained that running a full Ethereum node requires 9TB of disk space, which means he "cannot run it on his own hardware." This type of node is likely an Ethereum archive node, which, according to Etherscan data, requires over 21.8TB of space when using the Geth client.
A full Ethereum node with default settings that prunes old states only requires 1.28TB of storage space when running the Geth client, according to Etherscan data. However, the Bitcoin (BTC) and Ethereum communities have long debated what constitutes a "full node."
These pruned nodes cannot access complete historical data and cannot generate Merkle proofs for old blocks, limiting their application in research and vulnerability discovery. However, these nodes can still perform fully trustless block and transaction validation.
According to Statista, the storage requirements for a Bitcoin full node are less than 700GB (0.7TB), and the computational power required is also far lower than that of Ethereum. This means users can more easily run Bitcoin full nodes, leading to a greater number of nodes and a higher degree of network decentralization.
Not everyone believes these criticisms are valid. Jeremiah O'Connor, CTO and co-founder of cryptocurrency security firm Trugard, told Cointelegraph, "PlanB's views are typical of extreme Bitcoin supporters—loud and confident, but missing most of the picture."
O'Connor explained that Ethereum and Bitcoin serve different purposes. He said, "Ethereum nodes are larger and more complex," because Ether "is not just digital gold—it is a complete global computer."
"Of course, it will be more complex."
He acknowledged that relying on centralized data providers like Infura is a problem, but he believes that every ecosystem is making centralized trade-offs, and Ethereum developers are working to address this issue, "it is evolving rapidly."
"Just because ETH is not Bitcoin, calling it 'garbage coin' is like calling a smartphone a scam just because it is not a landline," he said.
He added that the two are different tools with different purposes. He views Bitcoin as "rock-solid value storage," while Ethereum is a "builder's paradise," stating that "both are important" and "complement each other."
Buterin as a "Single Point of Failure"
PlanB also questioned Buterin's influence on Ethereum's development, calling him a "single point of failure." However, Tomasz Stańczak, co-executive director of the Ethereum Foundation, recently announced that Buterin will step back from daily operations to focus on research.
PlanB also mentioned the issue of Ethereum rolling back transactions after the 2016 DAO hack: "Even if this is possible, it should concern you."
Bybit CEO Ben Zhou had suggested that a rollback of Ethereum might be necessary after the exchange suffered a $1.4 billion hack. However, many community members believe that, as a more mature network today, a rollback of Ethereum is nearly impossible.
Bitcoin itself experienced similar events in its early history. On August 15, 2010, a bug caused 184 BTC to be generated in the network at block 74638.
Satoshi Nakamoto and other core developers, who were still involved in development at the time, released an update that rolled the network back to block 74637 and patched the bug. In other words, Bitcoin also experienced its own blockchain rollback in its early days.
Other Points Raised by PlanB
PlanB also mentioned Ethereum's shift to PoS, which he believes affects its price. He hinted that changes in issuance and governance have weakened Ethereum's value proposition compared to Bitcoin, which has a fixed and predictable supply.
Related: A U.S. judge transfers the lawsuit against Binance to Florida based on the "first-to-file" rule.
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