Luxury fashion house Gucci is delving into crypto, with some of its U.S. stores set to accept cryptocurrency payments by the end of May.

Gucci's outlet stores in LA, Miami, Las Vegas and New York are amongst the locations where crypto will be accepted. Customers opting for crypto payment will receive a link via email, containing a QR code that will then allow them to pay using their respective crypto wallets.

Ten currencies will be accepted, of which five are stablecoins pegged to the US dollar. Bitcoin, Bitcoin Cash, Ethereum, Wrapped Bitcoin, Litecoin, Shiba Inu and Dogecoin make up the rest of the list.

Gucci is always looking to embrace new technologies when they can provide an enhanced experience for our customers, Marco Bizzarri, Gucci president and CEO, said in a statement to Vogue Business.

Now that we are able to integrate cryptocurrencies within our payment system, it is a natural evolution for those customers who would like to have this option available to them.

Gucci joins Off-White, another luxe fashion label, and designer Philipp Plein, in accepting crypto within stores or online.

But the Italian brand, which has been around for about 100 years, is no stranger to experimenting with technology. Gucci has already dipped its toes into the metaverse, gaming, and NFTs, and they even sold a digital version of an iconic Gucci bag on Roblox for more than its physical rendition. Its embrace of crypto is an unsurprising move in a recent line of tech-focused strategies.

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Gucci will accept cryptocurrency in stores - Mashable

Tell me with whom you associate, and I will tell you who you are. Johann Wolfgang von Goethe

The luxury watch industry depends a great deal upon credibility. Arguably, belief in superior quality is the top reason people are willing to hand over four-, five-, or six-figure sums of money to buy a watch. If the watch-buying public starts to doubt a brands quality claims due to a loss of credibility, the brands future is in serious question.

For these reasons, Ive watched with some trepidation as various watch brands have started to enter the cryptocurrency / blockchain / non-fungible token (NFT) world. This space is highly specialized in skills that are not typically associated with traditional watchmaking. A lathe isnt much use when youre trying to evaluate a particular public key encryption standard, for example (and vice versa). For this reason, horologys entre to the crypto space almost always involves a partnership with another person or organization already active in that space.

And this is where the industry exposes itself to risk.

Bitcoin mining farm servers (photo courtesy Marko Ahtisaari/Wikipedia)

There is rampant fraud and scheming in the cryptocurrency and NFT community. In a recent interview with Bloomberg, a cryptocurrency entrepreneur with an estimated net worth of $24 billion explained an emerging cryptocurrency fad called yield farming. The interviewer concluded that this was nothing more than a Ponzi scheme.

We shouldnt equate financial success with value creation. After all, convicted Ponzi schemer Bernie Madoff had an estimated net worth of $17 billion at some point (he also had a fairly decent watch collection that was sold off by U.S. Marshalls back in 2009).

Software engineer Molly White runs web3isgoinggreat.com, a web page that compiles all of the unseemly activity taking place in the cryptocurrency world. The pages motto is, web3 is going just great and is definitely not an enormous grift thats pouring lighter fluid on our already-smoldering planet. To clarify: web3 is a new buzzword for the cryptocurrency realm and its adjacent activity.

Whites motto also points out that web3 consumes massive volumes of energy, a byproduct that is likely worsening climate change. As a side note, any watch brand touting their environmental initiatives while simultaneously entering web3 territory is arguably hypocritical.

Whites web page includes a running counter of reported funds lost to fraudulent web3 activity. As of today, it stands at $9.5 billion. That is a lot of grift. In May of 2021, the U.S. Federal Trade Commission reported a tenfold increase of losses from cryptocurrency investment scams. The list goes on.

The risk for a watch brand is that it will lash up with a cryptocurrency expert, there will be a scandal involving fraud, the brands reputation will irrevocably tarnish, collectors will doubt the brands claims regarding the quality of the product, and that will be the end for that brand. While this may seem a remote possibility, there is already one episode that illustrates a good portion of this disaster in waiting.

Jacob & Co. SF24 Tourbillon NFT

Approximately one year ago, Jacob & Co. announced that it would sell the worlds first NFT of a luxury watch: the SF24 Tourbillon piece unique. The plan involved auctioning the watch NFT on ArtGrails, a self-described standalone Blue Chip NFT platform. After the auction supposedly closed, the reported result was that the NFT sold for $100,000.

The problem is that the SF24 Tourbillon digital asset was never even minted on the blockchain, or at least I cannot find it. Back in November 2021, Twitter user @teeprofit described the many failures of ArtGrails, observing, @Jacobandco X @argrails [sic] drop, which they did not manage to sell to anyone but themselves lol was not even minted no proof on blockchain. I posted about these irregularities on my Instagram stories and asked if anyone could find the SF24 Tourbillon on the blockchain and to DM me its address.

I was met with silence. I invite readers to peruse ArtGrails 676 items that actually were minted on the blockchain to see if they can find the SF24 Tourbillon.

It is one thing to debate whether digital assets are really worth any money. If the digital asset itself doesnt even exist on the blockchain, though, there is absolutely no reasonable basis to argue that it is worth anything, never mind $100,000.

Indeed, when ArtGrails founder Avery Andon was questioned about these events, he replied on Twitter, These were done in the early days and never promised any utility outside of the art. While the definition of an NFT is, in some ways, surrounded by mystery, there is common understanding that it typically involves minting a token on a blockchain. Unless, apparently, the seller is not promising any utility, whatever that means.

At the end of the day, watch brands must ask themselves if the risk accompanying the web3 space, along with environmental harm, is worth any possible reward. Watch collectors should also ask themselves if a watch brands decision to take part in web3 signals a level of risk-taking they can live with.

As complicated in-house movements see wider adoption, buying a watch implies that a collector relies upon the long-term viability of a manufacturer. If a risk-taking manufacturer disappears, it may be prohibitively expensive, or perhaps impossible, to service a particular timepiece. For now, it might be reasonable to conclude that the best brand is one that decides NFT stands for not for this manufacturer.

Brendan M. Cunningham, PhD is a professor of economics at Eastern Connecticut State University and founder of http://www.horolonomics.com. He has a forthcoming book on the history of Rolex; you can learn more by visiting http://www.sellingthecrown.com and sign up for email updates on the project.

Real Or Illusory? A Watch Collectors Foray Into The World Of Digital Collectibles And NFTs

What Happens After A Watch Is Stolen? Chris Marinello Of Art Recovery Can Help

Watch Investment Funds: Show Me The Money!

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NFTs, Cryptocurrency, Blockchain, And web3 Are Environmentally Harmful: The New Trend For Watches Is Hypocritical With Self-Professed 'Green'...

One of the imminent approaches of getting rich and accomplishing economic freedom in 2022 is with the aid of using making an investment in cryptocurrency- the World's First Regulated Cryptocurrency with inside the crypto enterprise has proved it correct. Investing in crypto belongings has a sizeable stage of risk, however it's also pretty profitable, if carried out with studies and right utility of mind. Cryptocurrency is a high-quality extra manner to boom your long-time period earnings.

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While the traders of PNP are searching ahead to the organisations subsequent move, Helios would really like to take a second right here to truly thank all of the traders, PR agencies, YouTubers, country wide media, and crew participants at PNP Coin. All of youve got got made great contributions to their growth. Your willpower and tough paintings have formed PNP Coin right into a centred and worthwhile organisation today.

Although cryptocurrencies had been round for a decade, the concern component index of crypto is the number one component that also impacts the boom of this high-quality technology. The innovation of guidelines in cryptocurrency and the principal government's mind-set in the direction of cryptocurrency has improved the hobby in PNP Coin amongst crypto freaks. Get yourself with the PNP Coin and input into the network of regulated cryptocurrency to flavour the fruit of behoof.

This industry does now no longer appreciate tradition it best respects innovation.

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The billionaire hedge fund manager spoke of crypto being a borderless internet where one has a blockchain as the verification code that allows any individual on the web an instant access to connectivity, which "opens up just huge possibilities

May 05, 2022 / 07:30 PM IST

Paul Todor Jones, billionaire hedge fund manager and founder of asset management firm Tudor Investment Corp, interviewed with CNBC on May 3, saying that he sees a bright future for cryptocurrency at a time whenthe US Federal Reserve is hiking interest rates to fight inflation.

The Fed on May 4 raised the benchmark lending rate by 50 basis points, in what is being viewed as the sharpest increase in over two decades.

Amidst this, the billionaire-cum-hedge-fund-manager has hopes about finding success in the cryptocurrency market, emphasizing, Its hard to not to want to be long crypto because of the intellectual capital, just the sheer amount of intellectual capital thats going into tat space.

Tudor-Jones acknowledges the digital divide caused due to generation gap. If you look at the smartest and the brightest minds that are coming out of colleges today, so many of them are going into crypto, so many of them are going into the internet 3.0.

He spoke of crypto being a borderless internet where one has a blockchain as the verification code that allows any individual on the web an instant access to connectivity. The blockchain verifies who they are and then that opens up just huge possibilities, he added.

Tudor-Jones also warned that central banks and central governments would not appreciate if at all cryptocurrency becomes a medium of exchange. Thats the number one thing holding it backthe fact that you are not going to get buy-ins from the governments because they lose the ability to control the creation and supply of money, he states.

Jones also speaks about his modest allocation to crypto. He says that he has a trading position within the currency which goes from fully invested to zero; but as of now, he is modestly invested.

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Paul Tudor Jones expects cryptocurrency to have a bright future - Moneycontrol

When it comes to mining, the most important factor to consider is profitability. Some novice miners, however, may misinterpret this metric: it is not solely dependent on the coin's price.

You must also consider the costs of running a cryptocurrency mining rig, as well as the amount of cryptocurrency you will be able to obtain per day, the number of blocks you must mine to make a profit, and so on.

Using a mining calculator to calculate the profitability of your future mining operation is a good idea. To see how much profit you could make per day, enter the cryptocurrency you want to mine, your hardware, hashing power, and so on.

Keep in mind that mining is a long-term investment, and due to the high volatility of the crypto market, what is profitable today may cause you to lose money tomorrow.

These are some of the best cryptos to mine in 2022:

When it comes to choosing which cryptocurrency to mine, many people choose the second most popular cryptocurrency and the original smart contracts launchpad. In most cases, however, the more people who try to mine a single coin, the more profit each of them will make - in part because each block reward is halved/tripled, etc., and in part because the coin reaches its total supply faster.

In order to recover from a DAO attack, Ethereum had to perform a hard fork in 2016. Ethereum Classic is a slightly modified and upgraded version of the original, pre-2016 Ether, as the name implies. CPU and graphics cards can be used to mine it.

Monacoin is a Litecoin fork. It is one of the best cryptocurrencies to mine with GPU miners thanks to its Lyra2RE(v2) proof-of-work hashing algorithm. All that is required is a secure hardware wallet and a hardware device capable of mining the coin.

The Lyra2REv3 proof-of-work hashing algorithm is used to create Vertcoin. This cryptocurrency is resistant to ASIC mining, which means it can only be mined using a GPU or CPU. This was done in order to ensure a more equitable distribution of the coin, as ASIC-compatible cryptocurrencies are frequently mined by centralized ASIC mining firms and pools, making the process far less democratic. To promote decentralization, Vertcoin's creators made the coin ASIC-resistant. Decentralization is one of the original ideas behind crypto.

Another ASIC-resistant cryptocurrency is ZCash. The company that created it also places a strong emphasis on privacy, which has helped it gain traction in the crypto world. Although this coin is more difficult to mine due to its ASIC resistance, it is worthwhile: the coin's (rather high) price is more stable and reliable as a result of its inability to be mined with ASICs, making it a good long-term investment.

Grin is a community-driven cryptocurrency that is completely open-source. A block of 60 grins is mined every minute, producing one coin every second, indefinitely. With a fixed block mining reward, such linear emission creates a constant increase in supply while lowering the rate of inflation. This design not only ensures the blockchain's long-term security, but also makes the mining process more equitable and democratic.

Monero is one of the most popular coins to mine, and for good reason: it has an unlimited supply, which means its mining difficulty does not rise as quickly as Bitcoin's, it has a high price, and it is among the top 44 by market capitalization. It has a bright long-term future. Monero is one of the most profitable cryptocurrencies to mine in general.

RavenCoin employs the KAWPOW algorithm. It's one of the easiest cryptocurrencies to mine with GPUs, so it's ideal for newcomers. This coin is among the top 100 in terms of market capitalization, making GPU mining a viable option.

DigiByte, which is based on UTXO technology, processes network transactions using five different independent algorithms. This technology supports a variety of mining options, including ASIC, GPU, and CPU, allowing DGB mining to be as profitable as possible.

AE uses CuccooCycle hashing to combine Proof-of-Work (PoW) and Proof-of-Stake (PoS) algorithms, allowing miners to create blocks while also verifying transactions.

Due to the unique approach to the network and the speed of operation, Aeternity is currently one of the most profitable coins to mine.

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Cryptocurrency: The 10 best cryptos to mine in 2022 (that are not bitcoin) - Marca English