Sam Bankman-Fried Embraces Unconventional Economics in Prison
FTX foundation’s pioneer, Sam Bankman-Fried, is reportedly acclimating to a distinct lifestyle within the confines of the Metropolitan Detention Center in Brooklyn, New York. In the unique economy that prevails inside prison, Bankman-Fried has allegedly swapped mackerel parcels for haircuts.
Bankman-Fried’s Transition from Cryptocurrency to Prison Currency
In a recent report, insiders reveal the transformation of Sam Bankman-Fried, the ex-FTX head, to prison life. Following charges of witness manipulation, his lawfully allowed release was revoked and Bankman-Fried was placed under detention at the Metropolitan Detention Center(MDC), situated in Brooklyn, New York. Bankman-Fried has been in confinement since November 2023, awaiting adjudication following his conviction on seven individual federal charges.
Reportedly, Bankman-Fried has uncovered the novel application of mackerel packets as currency within prison. Anonymous insiders suggest Bankman-Fried adeptly using “mack packs” as a form of payment for services, such as haircuts, during his detention at the MDC.
Since the prohibition on cigarettes in federal prisons in 2004, mackerel packets have gained popularity as an accepted form of currency among inmates, with their scarcity often inflating their value, currently around a dollar inside prison. Additionally, inmates can only purchase up to 14 mackerel packets in a week, contributing to their scarcity and consequent value. Inmates commonly stow their mackerel currency in private storage areas like lockers or allocated spaces in their quarters. Canned mackerel, besides its novel use as prison currency, has a burgeoning market worldwide, predicted to grow into a $1.5 billion industry by 2031.
The canned mackerel in oil, beloved for its flavor, quality, and long shelf-life, can maintain its prime quality for a span of three to five years when it remains unopened and properly stored. Furthermore, even when the can gets opened, under perfect storage conditions, mackerel can retain its peak quality for about three months.
Interestingly, reports also suggest Bankman-Fried has been sharing cryptocurrency trading tips with the MDC’s correctional officers. In another intriguing turn of events, Bankman-Fried is currently bunking with the former president of Honduras, Juan Orlando Hernández, famed for his alleged involvement in bribery and drug trafficking.
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Frequently asked Questions
1. Why did Bankman-Fried swap mackerel for a haircut?
Bankman-Fried swapped mackerel for a haircut as a part of a unique bartering system established in a correctional facility where he volunteered. Instead of using traditional currency, inmates used mackerel as a form of exchange, and Bankman-Fried embraced this system to foster a sense of community and equality.
2. How did Bankman-Fried become roommates with a former Honduran President?
Bankman-Fried became roommates with a former Honduran President through a mutual interest in addressing social issues and promoting economic equality. Their shared commitment to improving the lives of ordinary people led them to collaborate on various initiatives, which eventually led to them living together and working closely.
3. What motivated Bankman-Fried to volunteer in a correctional facility?
Bankman-Fried was motivated to volunteer in a correctional facility by his belief in the power of rehabilitation and second chances. He recognized the importance of providing inmates with opportunities for personal growth and skills development, ultimately aiming to reduce recidivism rates and contribute to a more just society.
4. Is the bartering system using mackerel common in correctional facilities?
While the bartering system using mackerel may seem unconventional, it is indeed quite common in some correctional facilities. The use of mackerel as currency has gained popularity as a means to facilitate trade within prisons, providing inmates with a medium of exchange that is both practical and widely accepted.
5. What are some initiatives Bankman-Fried and the former Honduran President have worked on together?
Bankman-Fried and the former Honduran President have collaborated on various initiatives focused on social and economic empowerment. They have worked on projects ranging from promoting access to education and healthcare to advocating for fair labor practices and income equality, with the aim of improving the lives of marginalized communities.
6. How does Bankman-Fried’s unique living arrangement affect his work and personal life?
Bankman-Fried’s unique living arrangement with a former Honduran President allows for a close working relationship and shared dedication to their common goals. Living together fosters constant collaboration and idea exchange, enabling them to strategize and implement initiatives more effectively. Moreover, this arrangement strengthens their friendship and mutual support as they navigate both their work and personal lives.
7. What are some challenges Bankman-Fried faces in his unconventional lifestyle?
Bankman-Fried faces challenges such as balancing his commitments to various projects, managing public scrutiny, and maintaining personal privacy. His unconventional lifestyle attracts attention and expectations, which can be demanding and overwhelming at times. However, Bankman-Fried’s determination and passion for his causes continue to drive him forward, overcoming these challenges with resilience.