Enchiladas, cryptocurrency and Frank Bascombe

By Bart Barry-

SAN ANTONIO – An uncommon bout last week with a common cold and what distraction it brings, maybe this is what adults affected by attention deficit disorder constantly feel, brought me to a weekend without a subject fit for a Monday column, and so there’s no telling what might come next. But come along, nevertheless.

These are what columns I dreaded writing for years. There mightn’t be a thing to write about that was boxing but proximity enough to treatable events one feels a negligent stir for indulging his interests more than boxing’s. Such was about maintaining a readership in the sense of maintaining an editorship, a chance to write for men who already had readers or an appearance of them anyway. I’d find myself scraping away – like that throaty sound harddrives used to make – at uninteresting subjects like Roy Jones’ farewell match or George Groves’ upcoming tilt. Even mentioning those subjects today makes this gray today altogether grayer.

Recently I moved very close to La Fogata, a Mexican restaurant a few miles north of downtown. That name almost certainly rings no recollective bells for you but you may have read the name before if you’re into the best of contemporary American literature: It’s the restaurant where novelist Richard Ford’s invention, Frank Bascombe, planned to take his family for a Christmas feast a few years ago in “Let Me Be Frank with You” – part of a hypothetical holiday to include also the Pedernales River and Johnson City. I thought of making this column a conversation with Bascombe at La Fogata about the creation of a prizefighting cryptocurrency but stopped not because it felt too outlandish, we must rush at such sentiments, but because I suspect Ford would not approve anyone borrowing his character, and his disapproval is weighty.

Six or so years ago I bought charming stationery and began writing letters to writers whose works I admired, and forgive me if I’ve written about this before. Nothing particularly remarkable came of those 80 or so letters, no epiphanies about the creative process or major insights even about myself, and I stopped when I ran out of writers (and painters and lyricists and even a former Secretary of State) whose works I admired enough to find 300 words for. If there were any surprises about the exercise, it’s this: While very few people wrote back, those who did composed the top 10-percent of the talent I wrote to.

Richard Ford wrote back. He lamented the lack of esteem in which contemporary novelists get held by their publishers, and he expressed admiration for this craft of boxing writing (as I must’ve mentioned I did this sort of writing in my letter to him). He also gave the Spurs a real chance of winning the NBA Finals that year.

This has nothing to do with the recent cryptocurrency craze except that I thought about cryptocurrencies a few days ago while eating enchiladas de mole poblano from La Fogata and thought about them in the rotating relational context of how Ford might have Frank Bascombe treat them, if at all. He’d embrace their absurdity in some way but not an obvious way, and a month’s worth of reading about possible uses of blockchain technology – cryptocurrencies’ universal and decentralized general ledgers – convinces me counterarguments against the technology that underlies cryptocurrencies deal solely in obvious absurdity.

It’s the word “currency” that gets folks leaning wrongly right off. They immediately impose whatever they recall about fiat money from that macroecon class, freshman year, then barrel towards central authorities and GDPs and a variety of irrelevant accounting practices. They do this to assert an illusion of control, primarily, justifying whatever sum of youthful hours they once committed to regurgitating Adam Smith or Ludwig von Mises. It’s why tokens are a better metaphor for cryptocurrency than currency, since nobody’s about to use technical analysis on what goes in carousels or pinball machines.

There are details yet to emerge, but the general vision is the elimination of both accountants and arbitrage; as every transaction is public and stored on tiny pieces of hundreds of millions of computers round the world, there’s no pricing ignorance to exploit or later correct. Without this sort of drag to overcome, things can be sold for things without they hop through a labyrinth of exchanges:

This is how many 2018 Ford F-150s Gilberto Ramirez earned a couple Saturdays ago, instead of: This is how many dollars were in Ramirez’s purse minus income tax divided by the exchange rate into Mexican pesos minus the markup at Mazatlan’s number one Ford dealership minus taxes and registration plus the reduced commission for buying in bulk minus the delivery charge.

Why, but that’s just bartering! Actually, yes, that’s exactly what it is – bartering performed with absolute trust anywhere in the world with a single secure transaction log no company or government can own. Certainly it could help medical commissions enforce boxing suspensions, too, while improving the way medicine is practiced everywhere.

Nothing about this column knows quite whence it heads till it gets here, and so a little gratitude th’t what’s above didn’t find its way in a dialogue with Frank Bascombe between bits about punching men in the face and wearing suede shoes – Frank in Hush Puppies, me in a pair of green British Walkers. Now the circling back to find somewhere to fit boxing in all this.

Bart Barry can be reached via Twitter @bartbarry