With no access to crypto, disgraced FTX founder Sam Bankman-Fried is now trading fish to pay for services in prison
(www.businessinsider.com)
from L4s@lemmy.world to technology@lemmy.world on 24 Nov 2023 04:00
https://lemmy.world/post/8671300
from L4s@lemmy.world to technology@lemmy.world on 24 Nov 2023 04:00
https://lemmy.world/post/8671300
With no access to crypto, disgraced FTX founder Sam Bankman-Fried is now trading fish to pay for services in prison::Sam Bankman-Fried is now using mackerel fish as a means of exchange with other prisoners.
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This is the best summary I could come up with:
It didn’t take long for former crypto-billionaire Sam Bankman-Fried to learn the economic system of New York’s Metropolitan Detention Center.
On Thursday, the Wall Street Journal reported that SBF paid for a haircut with packaged mackerel, a type of pelagic fish that is a choice of currency among inmates.
In 2013, he got his first intern gig at Jane Street Capital, swapping exchange-traded funds before co-founding his crypto trading firm Alameda Research in 2017.
The fish, popularly referred to as “macks” among inmates, has been the choice of currency in federal prisons since 2004, after cigarettes were banned, the Wall Street Journal previously reported.
Formerly incarcerated attorney Larry Levin accepted it as a form of payment from fellow prisoners he represented while serving his own sentence at the Lompoc correctional institution in California.
The trend became so popular that Global Source Marketing, a supplier of the fish, felt the increased demand, according to a 2008 story from the Journal.
The original article contains 387 words, the summary contains 159 words. Saved 59%. I’m a bot and I’m open source!
Thanks bot
Anything but fiat, eh Sam?
Take this🏅
There is a book about extreme economies. The author discusses it here: econtalk.org/richard-davies-on-extreme-economies/
They go through how the mackerel as money came about. Also, that expired mackerel, i.e. fiat, have their own lower exchange rate.
Would instant noodle/ramen be accepted there in his prison? He might need some. 🤭
Bernie Madoff cornered the market for Swiss Miss hot chocolate while in prison.
How does this work? The article mentioned the there is a limit of 8 per prisoner yet he was able to stockpile the whole supply. And they write articles about which implies the whole prison knows.
Why is this still ongoing, how is it allowed? This mofo still able to be a currupt capitalist even in hell.
Prison workers are not paid enough to care. If Bernie Madoff says “I’ll give you $20 to not stop me from monopolizing the hot chocolate powder”, well, $20 is $20.
And ten bucks is ten bucks. Heck,even five dollars still buys you a square burger if you wanna go to the other side of the dumpster
It’s the same quote in all the stories on this. The key being “at some point”, meaning that he probably just noticed that the stock was running low one week and bought the remaining 8 to resell.
However if it really was an ongoing scheme, he could also have bought them from other prisoners and resold at a higher price than he offered them. Basically asking someone who doesn’t buy their own quota of chocolate to buy it for him. If chocolate cost 10$ and he’s offering 11$ to someone getting it for him they’ll gladly carry the entire stock to him, so that the people actually needing chocolate would have to buy it from him for 12$.
The prison could easily stop this by increasing the stock if they knew it was going on at all.
Anyway it’s not ongoing. He died some years ago.
He died…? Who will pay back the trillion $ fake gme shares he created?
The payback happened through a fund, where victims could apply, I suppose.
The sentence was to pay back 17 billion and 150 years in prison, so it was inevitable that he’d die in prison. The losses were estimated to be 18 billion, so he got off one billion short in that regard.
However, he paid another heavy price. Both sons died before him. One of them off’ed himsel on the anniversary of his father’s arrest.
(To be honest, I just googled all of that. I’ve never heard any details on this case before because I live on the opposite side of the globe.)
Swiss Miss, instant piss
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Mackerel? Is the prison cooking scene in Goodfellas just the norm?
Buy Fi$hcoin. You heard it here first folks. YOLO!!
I prefer Non-Fish Tokens.
The first PoF-based coin (Proof of Fishing).
Because or oceans aren’t being destroyed fast enough!
If the proof requires the
minerfisher to post a picture of themselves holding the catch, it can double as an NFT!Let’s hope he doesn’t lose these customer’s funds! If he thought he could talk his way out of justice on the outside, he’ll be even more surprised about the justice system inside.
i wouldn’t trust anyone with that tree-like haircut…
Broccoli 🥦🥦🥦
haha
sardine blockchain
Well at least it’s proof of work
I prefer proof of steak
So Hairy Plotter goes from Vegan to Fish sales man
But where did he get the fish?
Prison pocket.
Urgh. Sam Butt-Fish.
Scales facing in or scales facing out?
Holy mackerel!
Not the Onion 🧅
Something’s fishy! 🤣
Art of the deal
“It didn’t take long for former crypto-billionaire Sam Bankman-Fried to learn the economic system of New York’s Metropolitan Detention Center.
On Thursday, the Wall Street Journal reported that SBF paid for a haircut with packaged mackerel, a type of pelagic fish that is a choice of currency among inmates.
The fish, popularly referred to as “macks” among inmates, has been the choice of currency in federal prisons since 2004, after cigarettes were banned, the Wall Street Journal previously reported”.
Look at Sammy Big Macks over here.
What services? For how many fish? This article just raised more questions than answers
And where does one just suddenly come up with mackerel in prison? Is this just a prison thing, here’s your cleaned orange jumpsuit, 3 cigarettes for the day and a flat of mackerel?
.
They likely sell tins of it in commissary.
Here is the deal. If you give me two fish now I’ll give you four fish in a month, trust me there is no catch just fish.
On an unrelated note do you perchance know other wise investors like yourself that want to multiply there fish portfolio?
Fish without a catch is just… no fish
With SBF ‘no fish’ is a very likely outcome.
Sounds fishy…
With the billions he probably have well hidden it’s just matter of time and he will be trading in the dark web.
I get that it’s replaced cigs as the currency but my question I guess is… Why mackerel? You can’t just store multiple mackerel over time because it’ll just go off
I’d assumed it was tinned, that shit lasts forever.
Futurama taught me this
youtu.be/cbB3iGRHtqA?si=0ZtYaC6k0O9UKRyO
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https://piped.video/cbB3iGRHtqA?si=0ZtYaC6k0O9UKRyO
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