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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 sort right now, the price would probably change by like 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 might “impact the market” – but this makes Twitter “a lot more boring” from his end. In fact, Melker declares that Twitter “stopped being fun” when he reached 100,000 followers.

“That’s when I went through a phase of a real love-hate relationship with Twitter because that’s when I guess 10% of the people who respond to comments were trolling at any given time.”

All you can really post to 900,000 followers is “Bitcoin and inspirational quotes” because “everything else” will land you in hot water. 

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After graduating from Penn State University with an Anthropology degree 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 university, he also started his own magazine in Philadelphia called 101 Magazine, focusing on street culture and city vibes.

It caught the attention of a “huge” magazine called Frank 151, which acquired it, and Melker became the editor-in-chief of both. 



During that time, he had the opportunity to attend “insane” parties and rub shoulders with legendary acts like the Wu-Tang Clan and Outcast.

The music industry led him to try crypto trading in the first place.

“I just happened to look into crypto because there was a bunch of DJs trading it,” he says.

He first started trading on the Gemini crypto exchange in 2016 and recalls buying Bitcoin to send it to another exchange, Bittrex, so he “could buy Ethereum and Ripple.” ETH was “under 20 bucks” back then, he notes in a cheeky humble brag.

Rather than some lofty higher purpose, he says the main attraction was making cold hard cash.  

“I was really just trading, trying to make money to support a new family; it had nothing to do with what Bitcoin was or what the asset class was.”

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What led to Twitter fame?

Melker initially started stacking up followers when he was “trading the market well” and posting about it on Twitter. At that point in time, his content was “100% charts and trades.” 

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However, Melker didn’t want his account to be based on trades because it’s “fickle.”

So, he transitioned toward a more holistic approach to his content within the crypto industry.

“I would love to tell you there was some strategy that I took to grow my account, but it was always just me doing whatever I enjoyed doing the most at any given time.”

Melker has observed a direct correlation between his follower growth and the performance of the crypto market.

During previous bull markets, he has experienced an insane influx of daily followers. 

“There was a time when I was getting a hundred thousand [followers] in two months,” he says.

Melker used to “literally respond to everybody” who commented on his tweets or messaged him, but that ship has now sailed.

“That’s like a full-time job, and then you just get to the point where you literally can’t open all your DMs anymore,” he says.

But it’s best 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 type of content do you do?

Melker’s content revolves around crypto news and keeping people up-to-date with what’s happening in the market.

He likes to share his take on what’s important, and “what’s kind of noise and not signal.”

“[My content includes] all the lessons that I’ve learned in my streams and podcasts, but I would say it’s generally educational/informational content about this market.”

Melker emphasizes the overwhelming pressure he faces whenever he decides to “fire off a tweet,” considering how many followers he has amassed on Twitter.

Twitter is like a movie where you throw a grenade in a room and walk away, and there’s a huge explosion behind you. That’s how I feel every time I send a tweet now,” Melker says.

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Extreme beef: Gary Gensler

Melker is not a fan of United States Securities and Exchange Commission Chair Gary Gensler

He admits that his Twitter is filled with many “angry tweets against Gensler.” 

“I literally contributed to aggressively getting #firegarygensler trending on Twitter,” he declares.

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He explains that his problem with Gensler is his recent regulatory actions, which he perceives as a “massive overcorrection” targeting crypto firms. 

He believes that it stems from a sense of embarrassment over the fact Gensler was meeting with Sam Bankman-Fried before the collapse of FTX and didn’t realize “he was a fraud.”

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Spicy beef: ZachXBT

ZachXBT, a pseudonymous on-chain researcher, accused Melker of pumping and dumping shit coins to 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 he would steer clear of tweeting about projects with small market caps altogether.

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 you should and shouldn’t talk about as your following grows.

“You don’t just show up with 900,000 followers one day and understand what you can and cannot tweet about.”

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Price predictions?

“There’s nothing that makes you look dumber than a price prediction,” Melker states. He should know, given he took an optimistic swing at predicting Ethereum would hit five figures in 2021.

However, he is bullish on Bitcoin hitting six figures in the next bull run.

“I think the next cycle would be somewhere between 100 (thousand) and 250 (thousand),” he declares. 

But Melker believes that after that, the market will see another huge decline before it hits half a million.

“Then we drop down to 60 (thousand), and it’s boring forever. Then, we pop up to half a million, like we continue these four-year cycles.”

However, Melker doesn’t want “to live in a world where Bitcoin is a million dollars.”

“The faster it happens, the worse the world is,” Melker says.

“Because if Bitcoin goes to a million dollars. It means that everything else has exploded, including the United States dollar, and we’re living in some Mad Max dystopian future.”

“Where you and I are those guys without faces painted going to gas town, fighting off the enemies,” he describes, referring to the 2015 movie 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.

Ciaran Lyons

Ciaran Lyons is an Australian crypto journalist. He’s also a standup comedian and has been a radio and TV presenter on Triple J, SBS and The Project.

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Concessions to welfare reforms to be revealed after Labour backbench rebellion forces government retreat

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Concessions to welfare reforms to be revealed after Labour backbench rebellion forces government retreat

Changes to welfare reforms, forced on the government by rebel Labour MPs, are being revealed today ahead of a crucial vote.

The original bill restricted eligibility for the personal independence payment (pip) and cut the health-related element of universal credit (UC).

The government, which insisted welfare costs were becoming unsustainable, was forced into a U-turn after 126 Labour backbenchers signed an amendment that would have halted the bill at its first Commons hurdle.

Explainer: What are the welfare concessions?

While the amendment is expected to be withdrawn, after changes that appeased some Labour MPs, others are still unhappy and considering backing a similar amendment to be tabled today.

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Starmer defends welfare U-turn

Here are the main changes to the UC and pip bill:

• current pip claimants will keep their benefits; stricter eligibility requirements will only apply to new claims from November 2026
• a review of the pip assessment, which will have input from disabled people
• existing recipients of the health-related element of UC will have their incomes protected in real terms

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Work and Pensions Secretary Liz Kendall said in a statement that the legislation now aims to deliver a “fairer, more compassionate system” ahead of the second reading and vote on Tuesday.

“We must build a welfare system that provides security for those who cannot work and the right support for those who can. Too often, disabled people feel trapped, worried that if they try to work, they could lose the support they depend on.

“That is why we are taking action to remove those barriers, support disabled people to live with dignity and independence, and open routes into employment for those who want to pursue it.

“This is about delivering a fairer, more compassionate system as part of our Plan for Change which supports people to thrive, whatever their circumstances.”

Work and Pensions Secretary Liz Kendall
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Work and Pensions Secretary Liz Kendall insists welfare reforms will create ‘a fairer, more compassionate system’. Pic: PA

On Saturday, Sir Keir Starmer said fixing the UK’s welfare system was a “moral imperative”. The government claimed cuts to sickness and disability benefits would shave £5bn off the welfare bill and get more people into work.

The Resolution Foundation believes the concessions could cost as much as £3bn, while the Institute for Fiscal Studies warned that the changes make tax rises more likely.

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Health Secretary Wes Streeting told Sky News that welfare bill changes have put Labour in a much better position ahead of tomorrow’s vote.

On Sunday Morning with Trevor Phillips, Mr Streeting said: “There were things that we didn’t get right, we’ve put right, and there’ll be a debate about future amendments and things, I’m sure, as it goes through in the usual way.”

Streeting talking to Trevor Phillips
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Talking to Sky News about the welfare reforms, Health Secretary Wes Streeting said there were things Labour ‘didn’t get right’

On the same programme, shadow work and pensions secretary Helen Whately repeatedly refused to say whether the Conservatives would back the bill, but would review the proposals after the minister’s statement later.

“We have said that if there are more savings that actually bring the welfare bill down, if they’ll get more people into work, and if they commit to using the savings to avoid tax cuts in the autumn, which looks highly unlikely at the moment, then they have our support.”

The Liberal Democrats plan to vote against the bill and have called for the government to speed up access-to-work decisions to help people enter the workforce.

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Welfare concessions should give people ‘peace of mind’, says Wes Streeting

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Welfare concessions should give people 'peace of mind', says Wes Streeting

Wes Streeting has suggested he is confident the government will now win a crunch vote on welfare cuts after Sir Keir Starmer made a number of concessions to prevent a damaging rebellion.

The health secretary told Sunday Morning With Trevor Phillips the alterations to the controversial welfare bill meant those in receipt of benefits now had “peace of mind”.

Asked whether he was confident the government would now win a vote on the reforms scheduled for Tuesday, Mr Streeting said: “Yes.

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“I think the changes that were made this week have put us in a much better position, not just on the vote on Tuesday, but on the substance of the package – because as a result of the changes, it means anyone watching this morning who’s in receipt of PIP, Personal Independence Payments, now has the peace of mind of knowing that their situation is protected.”

It comes after the prime minister carried out the most significant U-turn of his premiership at the end of the week in order to quell a growing rebellion over his welfare package.

More than 120 Labour MPs had signalled they were prepared to vote down the bill next week after they signed an amendment that would have stopped its progress through parliament – citing concerns about the impact on the most vulnerable and the lack of proper consultation with disabled groups.

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The scale of the rebellion – and the fact it spanned all wings of the party – alarmed Downing Street and led to Sir Keir making a number of changes to diffuse the anger.

Originally, the bill set out to tighten the eligibility criteria for PIP – money that is given to people, some of whom are in work, who have extra care or mobility needs as a result of a disability.

People who claim it are awarded points depending on their ability to do certain activities, such as washing and preparing food, which influences how much they will receive.

Currently claimants need to score a minimum of eight points across a range of tasks to qualify for the daily living element (there is a mobility element that is not affected by the plans). Under the new rules people will need to score a minimum of four points in at least one activity to qualify.

However, the changes made by Sir Keir mean existing PIP claimants will now be exempted from the stricter new criteria.

Alterations to Universal Credit, another type of benefit, mean that the health top-up will only be cut and frozen for new applications, as opposed to existing ones.

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Mr Streeting declined to say whether he thought those who decide to vote against the bill should lose the party whip, which would force them to sit as an independent MP in the Commons.

He said it was “not my decision”, but added that there was an “expectation that Labour MPs vote for the whip”.

In a series of interviews over the weekend, the prime minister acknowledged there had been some mishandling of the welfare debate and said he was “heavily focused” on world affairs before he was forced to U-turn on his welfare bill.

In a piece in The Sunday Times, Sir Keir said he was occupied with the G7 and NATO summits and the escalating tensions in the Middle East for much of the past two weeks.

“Getting it right is more important than ploughing on with a package which doesn’t necessarily achieve the desired outcome,” he said, adding that all the decisions made were his and that “I take ownership of them”.

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PM and ministers now admit welfare reforms went too far

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PM and ministers now admit welfare reforms went too far

It was only 10 days ago that embattled Welfare Secretary Liz Kendall, trying to convince MPs to back her reforms, said ministers were “firm in our convictions”.

People on Personal Independence Payments (PIP) and universal credit were too often being “written off”, while the welfare bill was becoming unsustainable.

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After an unprecedented rebellion by Labour MPs forced the prime minister into a significant retreat, today sees an interesting shift in those convictions.

Ms Kendall’s colleague Wes Streeting, who was drafted onto calls with angry backbenchers, tells Sky News he didn’t want disabled people in his constituency surgeries on a Friday, telling him they were worse off when that was not the intention.

This is exactly what many Labour MPs and disability groups were arguing was inevitable if current claimants were stripped of their benefits.

Sir Keir Starmer, in a series of Sunday newspaper interviews in which he reflects on mistakes, says he now believes there was no point ploughing ahead with something which “doesn’t necessarily achieve the desired outcome”.

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What are the concessions to the welfare bill – and will MPs back it?

Having rushed forward these reforms to save £5bn in the spending review, it now seems ministers are admitting the package needed more thought.

The welfare bill is rising sharply, and many voters broadly support the idea of tackling it.

But even if the draft legislation, which will affect new benefit claimants only, is voted through (and that’s still an “if'”, with dozens of Labour MPs still weighing it up), this debacle – for many MPs at least – goes to the heart of whose side the government is on.

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