All right. Welcome back, everybody. My name is Austin. This is weird. Microsoft has just filed a patent for a new cryptocurrency and a new mining system. This is breaking news. This directly affects you. Microsoft wants to create and has just filed a patent to create a new cryptocurrency that’s still mined using proof of work which is how Bitcoin is mined with mining rigs now still using proof of work except replacing expensive mining rigs with basic human energy. So replacing the mining rigs with you now. If that sounds a little strange to you. Let’s take a deep dive into the very detailed patent published yesterday filed by Microsoft. It’s called cryptocurrency system using body activity data. This is the patent cryptocurrency system using body activity data. Now we can go through the description the claims that they’re making. But I want to start by checking out the drawing. They claim this is proof of work. Help them hold the coins will be mined into existence. But instead, you are that work. So you’ll be wearing some sort of sensor doing some sort of activity. An example given is you could be watching ads on your computer. And that would create energy and mind crypto. Well actually first that data would go into the cloud and then that data would then mine the cryptocurrency. And yes this is real. This has it lists the agents the inventors’ applicants Microsoft technology licensing. So let’s dig deeper. According to the patent, Microsoft coin would make use of body activity data. This would allow individuals to mind crypto and replace the need for A6. This does sound borderline creepy but if you can get past the idea of wiring humans up to some kind of server tracking their energy output it could be a sustainable way of mining crypto without damaging the environment. Quick side notes many people like to disparage bitcoin for using what they say using too much electricity. But you know it uses more electricity than bitcoin. The video game industry the Christmas light industry uses more electricity. So the question then becomes is the juice worth the squeeze. Is this electricity worth it for what we’re getting in return? A decentralized censorship-resistant money Bitcoin that’s worth it to me. But anyway Microsoft is trying to solve that problem by using human energy output and just to be clear this patent isn’t asking for a bunch of gym-goers to run on the treadmill and create Microsoft coin. It does give an interesting example though. For example, it could take as little like a brain wave or body heat emitted from a user when the user performs tasks provided by an information or service provider such as viewing advertisements or using certain internet services can be used in the mining process. So if you watch ads you could get a little more Microsoft coin and they are calling this proof of work. Data generated on the body activity of the user can be proof of work and therefore a user can solve the computationally difficult problem unconsciously. So you won’t even have to think about it. Microsoft will be using you. This could be you someday. This could be you. Now before I share with you a really revealing clip on where this economy where this market may be headed next. Like the video, if you appreciate being kept up to date with daily news but just no at this stage Microsoft still hasn’t stated whether their new crypto will be based on an existing blockchain in particular or whether Microsoft will create its own framework. It’s also not certain whether this new cryptocurrency will actually go ahead. But in case you were thinking about using human brain waves to replace hash power sorry Microsoft has the patent. I guess if we can assume anything this probably will not have a fixed supply right as long as you keep watch ads. You can probably mine more and more kind of makes you value things that do have a fixed supply and are decentralized next piece of news as the pandemic slams the economy. A record three point three million Americans have officially filed for unemployment. That’s three-point three million Americans who are not working obviously through no fault of their own. But the U.S. unemployment rate has likely risen to 5.5 percent. Already a level not seen since 2015. Now obviously in opposition to this, the Fed is pumping trillions of dollars into the economy. So the question is is this economy back on its way up or with all those millions of people who are not working right now. Are we going lower as a bitcoin holder? This is information that you think about. It’s not just the pandemic is it right that the market structure the debt loads everything else that was already in place the pandemic may have just been that chip on the Jenga stack if you will. Yeah, I mean Brian if you want to think of this as a house of cards that was built by the policymakers in order to bail out the financial system during the crisis. You know one day you know a breeze came along and knocked over one of the cards in the spring. It’s bringing the whole house down. House of Cards very funny definitely fits. But the economy is pumping a little higher. What do you think? Well, the house. I mean listen to Scott. The equity market rose 13 percent this week. I understand we’re still well down on the year. Seems like the is shored up the credit markets a little bit. But it sounds like you’re not believing that the bottom is in yet. No, I don’t think so. I mean Brian when we look at some of the data that we’re getting with unemployment insurance claims and so on and so forth it would suggest that you know we’re gonna roll We’re gonna get to a place worse than the financial crisis up economically. Unemployment perhaps around 15 percent and an economic contraction for the year let’s say maybe in the neighbourhood of 10 percent. These are pretty nasty numbers. And when you look at valuations on stocks is the degree of overvaluation where we were at the peak just six weeks ago versus the peak in valuation that occurred in 0 7 has been nowhere had been much more extreme and the decline we got from the downturn in 07 was a 55 percent drawdown in stocks. We’ve been around 34 percent so far. It just doesn’t seem that given the economic backdrop that the prices have adjusted to reflect the economic reality about pushed back a little bit my friend because I remember in September of 08 going down to DC and having meetings with congressional leaders to explain to them what a credit default swap was. And then months went by before we got really anything done. They were slow this time in the course of a week. We got the Fed thrown probably seven to 10 trillion dollars at it with leverage and a two trillion dollar relief bill. Aren’t you encouraged at all by the speed and I’m hard I can’t believe I’m saying this The speed at which DC reactive look you Brian it’s a lot more encouraging than the financial crisis. OK. I like that discussion. To me, one of the key takeaways is in a lot of ways we have seen this before and in a lot of ways we have never seen anything quite like this before. So everybody here is just discussing they’re just guessing. Anybody that tells you that they know what’s going to happen they don’t. But next piece of news and actually this is more just helpful information because this channel has always been a channel for the people stand during hard times and to lockdown quarantine house arrest people will look to order food online. Here we can build a list of groceries accepting bitcoin and can deliver at home. Now me personally I’m holding my bitcoin and I’m spending my Fiat but obviously there comes a point. You know you have to spend some time and here’s a list of grocery stores that accept Bitcoin. Also, the list is being added to down here I’m going to link this down below in the description. Check it out. Just more options to help you. Hey speaking of helping the Federal Reserve as of March 26 they have just released their statistics. They’ve just released their balance sheet for the public and it’s official. The Federal Reserve is printing ONE MILLION DOLLARS EVERY SECOND. Outrageous. The U.S. is Federal Reserve balance sheet has increased by five hundred and eighty-six billion dollars to a total amount of 5.2 to five trillion dollars in the week of March 18th through March 25th. This means that on average the Fed has been printing roughly almost a million nine hundred and seventy thousand dollars every second. During that time period in its efforts to keep the market alive amid the pandemic outbreak. So a million dollars every second and to put it another way. In fact, the Fed has been printing the equivalent of Bitcoin’s market cap every 35 hours. And quick check in the market cap for bitcoin right now is one hundred and fourteen billion dollars. So every 36 hours the Fed prints the entire market cap of Bitcoin. Interesting times. Feel free to fact check any of that math all the data is right there public for you. Check it out. All right. That is the video. Hope you found value.