Scott Melker is the host of The Wolf Of All Streets podcast and author of The Wolf Den newsletter.
“If I tweeted about a small cap [crypto] of some kind right now, the price would probably change by 50%,” says Scott Melker, better known to his 904,800 Twitter followers as The Wolf of All Streets.
Melker says he takes this responsibility seriously and won’t share tweets that could “disrupt the market,” but this makes Twitter “much more boring” on his part. In fact, Melker declares that Twitter “stopped being fun” when it reached 100,000 followers.
“That’s when I went through a phase of a real love-hate relationship with Twitter because I think that’s when 10% of the people who responded to comments were trolling at any given time.”
All you can really post for 900,000 followers is “Bitcoin and Inspirational Quotes” because “everything else” will get you into trouble.
After graduating from Pennsylvania State University with a degree in Anthropology in 1999, Melker tried his hand at a “million” other things, finding the most success in his 20-year stint as a DJ.
Shortly after finishing college, he also started his own magazine in Philadelphia called 101 Magazine, focusing on the street culture and vibes of the city.
It caught the attention of a “huge” magazine called Frank 151, which acquired it, and Melker became editor-in-chief of both.
During that time, he had the chance to attend “crazy” parties and rub shoulders with legendary acts like the Wu-Tang Clan and Outcast.
The music industry led him to try cryptocurrency trading in the first place.
“I just did research on cryptocurrency because there were a lot of DJs trading it,” he says.
He started trading on the Gemini cryptocurrency exchange in 2016 and recalls buying Bitcoin to send to another exchange, Bittrex, so he “could buy Ethereum and Ripple.” ETH was “under $20” back then, he notes in a brash, humble boast.
Instead of some higher purpose, he says the main attraction was earning cold hard cash.
“I was really just trading, trying to make money to support a new family; he had nothing to do with what Bitcoin was or the asset class.”
What led to the fame of Twitter?
Melker initially began amassing a following when he was “trading the market well” and posting about it on Twitter. At the time, the content of it was “100% charts and trades.”
However, Melker did not want his account to be trade-based because it is “fickle.”
So, he transitioned to a more holistic approach to his content within the crypto industry.
“I would love to tell you that I took some strategy to grow my account, but it was always just me doing what I enjoyed the most at any given time.”
Melker has observed a direct correlation between the growth of his followers and the performance of the crypto market.
During previous bull markets, it experienced an incredible influx of daily followers.
“There was a time when I was receiving a hundred thousand [followers] in two months,” he says.
Melker used to “literally reply to everyone” who commented on his tweets or sent him messages, but that ship has already sailed.
“It’s like a full-time job, and then you get to the point where you literally can’t open all your DMs anymore,” he says.
But it is better not to refer to him as an “influencer”.
“I hate the term influencer because, to me, I’m just a student of crypto, and it’s something I’m passionate about and want to learn more about.”
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What kind of content do you do?
Melker’s content revolves around crypto news and keeps people up to date with what’s happening in the market.
He likes to share his opinion on what is important and “what is a type of noise and not a signal”.
“[My content includes] all the lessons I learned from my broadcasts and podcasts, but I would say it’s generally educational/informational content about this market.”
Melker emphasizes the overwhelming pressure he faces every time he decides to “shoot a tweet,” considering the number of followers he’s amassed on Twitter.
“Twitter It’s like a movie where you throw a grenade into a room and walk away, and there’s a huge explosion behind you. This is how I feel now every time I tweet,” says Melker.
Extreme Meat: Gary Gensler
Melker is not a fan of the chairman of the United States Securities and Exchange Commission, Gary Gensler.
He admits that his Twitter is littered with many “angry tweets against Gensler.”
“I literally helped #firegarygensler trend on Twitter,” he says.
He explains that his problem with Gensler is his recent regulatory actions, which he perceives as a “massive overcorrection” targeting crypto companies.
He believes it stems from a sense of shame over the fact that Gensler met with Sam Bankman-Fried before FTX’s collapse and didn’t realize he “was a fraud.”
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Spicy Meat: ZachXBT
ZachXBT, a pseudonymous on-chain investigator, accused Melker of pumping and dropping shit coins at his followers in 2021. It was a troubling time for Melker, who received threats and became the target of white-hot anger.
Melker vehemently refuted the claims and announced that he would avoid tweeting about projects with small market caps.
Melker says he doesn’t want his audience to get the wrong idea and prefers to focus on the educational stuff. He reiterates that he was “passionate” about trading altcoins, but says it can be difficult to navigate the boundaries of what he should and shouldn’t talk about as his following grows.
“You don’t show up one day with 900,000 followers and understand what you can and can’t tweet.”
“There’s nothing that makes you look dumber than a price prediction,” says Melker. He should know, as he took an optimistic turn by predicting that Ethereum would hit five figures by 2021.
However, he is optimistic that Bitcoin will reach six figures in the next bull run.
“I think the next cycle would be between 100 (thousand) and 250 (thousand),” he says.
But Melker believes that after that, the market will experience another big drop before reaching half a million.
“Then we go down to 60 (thousand) and it’s boring forever. Then we hit half a million, as if we were continuing these four-year cycles.”
However, Melker does not want to “live in a world where Bitcoin is worth a million dollars.”
“The faster it happens, the worse the world is,” says Melker.
“Because if Bitcoin goes to a million dollars. It means that everything else has exploded, including the US dollar, and we are living in a dystopian Mad Max future.”
“Where you and I are those guys with no painted faces who go to the city of gasoline, fighting enemies,” he describes, referring to the 2015 film Mad Max: Fury Road.
But maybe in a couple of decades.
“I would like to see Bitcoin at a million dollars in 20 years, following reasonable cycles,” he adds.
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Ciaran Lyons is an Australian crypto journalist. He is also a comedian and has been a TV and radio host on Triple J, SBS and The Project.
This post Hall of Flame – Cointelegraph Magazine
was published first on https://cointelegraph.com/magazine/wolf-of-all-streets-world-bitcoin-hits-1m-1-million-hall-of-flame/