Crypto jungle and savannah – This American parliamentarian issues a fanciful forecast on cryptocurrencies, evoking an “animal” story. Thus was born the crypto-mongoose revealing a misconception of cryptocurrencies among some politicians.
When the ether devours bitcoin, or the absurdity of the MongooseCoin fable
On December 8, 2021, US Congressman Brad Sherman attacks cryptocurrency, through a fable, apparently supposed to be funny. He evokes during the hearing on cryptocurrencies at the Financial Services Commission of the House of Representatives, the story of the old lady who began by swallowing a fly, then swallowed other larger and larger animals to swallow the previous animal.
Through this somewhat sluggish story, a simple idea: For Sherman, the new cryptocurrencies will end up devouring the old ones, implying in a way that cryptocurrencies are ultimately only fashion objects, a new trend causing the previous one to fall into oblivion. He then evokes in his “joke”, the MongooseCoin, the crypto-mongoose.
“The number one threat to cryptocurrency is crypto. Bitcoin could be replaced by Ether, which could be replaced by Doge, which could be replaced by HamsterCoin, and then there is CobraCoin, what could MongooseCoin do to CryptoCoin? “
Instant zoology: The mongoose is a carnivorous animal that feeds on many other animals, such as rodents or snakes.
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The mongoose coin and its babies: the caricatured cannibalization of cryptocurrencies
The reactions of the cryptosphere were not long in coming. Barely two days after these words from Sherman, a mongoose coin token (MONGOOSE) has been issued.
Other versions of the mongoose coin have also emerged, such as GOOSE, MONG, son of mongoose (SOM), and baby mongoose (BMONGO). According to data from CoinMarketCap, the market capitalization of MONGOOSE even exceeds € 24,800,000 at the time of writing this article.
This “joke” on cryptocurrencies reflects either the lack of knowledge of certain political figures concerning bitcoin (BTC) and its cadets, or their willful blindness to their long-term development potential.
The cryptosphere certainly has many shitcoins, cryptocurrencies created without specific objectives. It is also made up serious crypto projects with different goals that give them real utility. The advanced cryptocurrency cannibalization scenario – or hoped – by Sherman is cartoonish.
What other stories will politicians come out in 10 years to poke fun at cryptocurrency, if memes like canine tokens continue to exist? With all due respect to its detractors, dogecoin has strongly marked the news in 2021.
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