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From a Renowned DJ to One of the Most Influential Crypto Traders: Meet The Wolf of All Streets Scott Melker

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Known in the cryptocurrency field as The Wolf of All Streets, Scott Melker is arguably one of the most influential personalities in the community in recent years.

With more than 110,000 followers on Twitter, Melker gives out helpful market analysis to both novice and experienced crypto traders and is known for his friendly and easy-going attitude.

CryptoPotato had the chance to do an exclusive interview with The Wolf of All Streets, where he shared some exciting details about his journey to becoming a trader and investor, as well as his overall approach to both cryptocurrency and legacy markets.

Someone Offered To Pay Me In Bitcoin In 2012 For DJing

Before he became The Wolf of All Streets, Melker was a renowned DJ and music producer. The Melker Project, as was his artistic pseudonym, played alongside some of the legends from most musical genres including but not limited to Snoop Dogg, Wiz Khalifa, Enrique Iglesias, T.I., Jason Derulo, Kanye West, Justin Timberlake, Rihanna, Lupe Fiasco, Steve Aoki, and so forth.

Melker has also played on major festivals, events, and venues across the world, including a 30 stadium tour in Japan with Toshi Kubota, Estadio Felix Capriles with Enrique Iglesias, and many, many more.

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Scott Melker on a Scene. Source: thewolfofallstreets

His music career was no doubt a success, making his transition to trading so much more interesting. Melker shared that “the decision was somewhat made” for him.

“My daughter was born in 2015 and I did not want to be a traveling parent. I slowly scaled down my music career and scaled up my trading. I was also pushing towards 40 years old and knew that I would have to wind down sooner or later.” – He said.

He also drew a comparison between both, saying that they are “similar in that I keep my own hours and find both to be creative pursuits. Any excuse to avoid having a boss…”

Like many, he took notice of the crypto market in 2016 and started aggressively trading it in 2017: “It was an incredible opportunity to make money, which was the initial reason that I paid attention to.”

In a somewhat funny story, Melker said that he had heard about Bitcoin before, “but dismissed it off-hand as most people did.” In fact, someone had actually offered him to pay for a DJ gig in BTC back in 2012. Seeing how its price progressed through time, it would definitely have been a good deal.

“I should have taken that offer.”

Building a Following: The Secret Sauce

It’s obvious that in both pursuits, Melker has managed to build a huge following. He has over 110,000 followers on Twitter. He runs a popular podcast as well as a regular newsletter with over 10,500 subscribers.

Yet, he reveals that the secret in building a considerable community lies more within hard work and dedication, rather than anything else.

“I never intended to build a huge community or to become an influencer. I have always shared on social media whatever I am passionate about at the time. That became crypto, and for whatever reason, people chose to engage with me and follow.

The “secret sauce” is probably somewhat obvious – be nice, engage with people respectfully, and add value. I am a content creating machine – I believe in giving more than I take in life and in the crypto community.”

Cryptocurrency Markets: a Dream for Technical Traders

In his newsletter and on his Twitter feed, Melker charts a variety of cryptocurrencies daily.

He shared with us that he’s using “almost entirely technical” indicators for his analysis, adding that “the crypto market is a dream for technical traders as it requires very little attention to the news or to the actual projects.”

Melker drew a comparison between trading the crypto and legacy markets. He said that with crypto, “you can look at a chart and trade, which is not the case in other markets. There are companies that I believe in fundamentally, but as a trader, they all move together based on the price action of Bitcoin. Until they have standalone value regardless of Bitcoin, I will continue to approach most of them as a trader.”

Whereas, when trading on traditional markets, Melker said that “you have to actually understand the companies that you are trading when it comes to stock. You need to consider macroeconomic factors when trading forex. It’s a completely different ballgame for me, which is why I am naturally drawn to crypto.”

Melker’s Tip For Novice In Bitcoin Trading: Only DCA

Cryptocurrency trading is something that a lot of people are attracted to on the offchance of making life-changing amounts of money in a relatively short period. Of course, that’s easier said than done, and most of the people end up losing money.

Hence, we asked Melker what’s the best tip that he can give for newcomers and traders who are just starting with the market.

“Don’t do it.” – He said.

Instead, he offered a time-tested and well-known strategy: the dollar cost average (DCA). DCA entails buying a fixed amount of Bitcoin over fixed periods: buying $100 worth of BTC every month, for example.

Of course, investors can tweak it however they see fit. The idea is that they are buying Bitcoin over a long period, stretching out their average entry price, and reducing the risks of purchasing market tops or selling bottoms.

“Dollar-cost average into Bitcoin, put it away, be rich in the distant future. If you want to be adventurous, add Ethereum to the equation. Beyond that, most projects are a gamble and you should only allocate a smaller percentage of your capital into them.” – Melker said.

The 3 Projects That Will Stay For Years

We also asked Melker if altcoins will return to their former glory and all-time highs of late 2017 and early 2018. He believes that “some will and some won’t.”

However, he also thinks that Ethereum, Elrond, and Chainlink are the projects that will stay with us in ten years.

The Wolf of All Streets refrained from giving a precise target for Bitcoin in the near and distant future. He believes that “the world is ready and the price should continue to rise. At what rate and for how long is anyone’s guess.”

However, he also said that Bitcoin “has the best chance of any asset class to provide disproportionately large returns and should be a part of every investor’s portfolio.”

In terms of his future plans, he was brief and on-point:

“Make money, share ideas, retire early.”

Featured image courtesy of Beyond the Trades

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Source: https://cryptopotato.com/from-a-renowned-dj-to-one-of-the-most-influential-crypto-traders-meet-the-wolf-of-all-streets-scott-melker/

Blockchain

Crypto Market Cap Gained $10 Billion, Bitcoin Eyes $11,000? (Saturday’s Market Watch)

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The cryptocurrency market continues to rebound and has added another $10 billion to its market cap since yesterday. Bitcoin trades around $10,700, while some leading altcoins mark serious gains.

Bitcoin Price Trades Around $10,700

Following yesterday’s increase in which Bitcoin topped at $10,800, the primary cryptocurrency retraced to its intraday bottom at about $10,550. However, the bulls intercepted the price dip and drove the asset upwards once again. Just as 2020 goes so far, this Bitcoin spike followed the 1-2% gains seen on Wall Street at the Friday trading session.

The S&P 500 (1.6%), the Dow Jones Industrial Average (1.34%), and the Nasdaq Composite (2.26%) were all deep in the green.

At the time of this writing, BTC has dipped to $10,760 after getting rejected at the first major resistance at $10,790.

As per the analysis, if BTC price breaks above, it could head towards the next resistance at $11,000, followed by $11,200, $11,360, and $11,530. Alternatively, should the asset fall, it could rely on the support levels at $10,580, $10,440, and $10,390, if necessary.

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BTCUSD. Source: TradingView
BTCUSD. Source: TradingView

Despite stocks and cryptocurrencies, gold had failed to increase: Recording an intraday high of $1,875, the precious metal dived and closed the session at $1,860.

Altcoins Gain Traction

Some alternative coins lost significant chunks of value lately, but they have been recovering in the past few days. Ethereum has continued its upward movement with another 3% increase to above $350.

Ripple has surged by 5% to $0.243. Bitcoin Cash (1%), Polkadot (3%), Binance Coin (1%), and Litecoin (3%) are also in the green from the top 10. However, Chainlink has outperformed them all by marking an 11% increase. LINK has overtaken BNB and DOT and currently occupies the 6th spot.

Cryptocurrency Market Overview. Source: coin360.com
Cryptocurrency Market Overview. Source: coin360.com

As it typically happens, the most volatile price moves come from mid and low-cap alts.

CyberVein leads with a 21% surge. Ren (20.5%), Yearn.Finance (17%), The Midas Touch Gold (14%), DFI.Money (14%), Cardano (11%), Zilliqa (11%), HedgeTrade (10.5%), and Nervos Network (10%) follow.

In total, the cryptocurrency market cap has increased by $10 billion since yesterday. On a 48-hour scale, the metric is up by 8% since its bottom at $319 billion to $344 billion.

Total Market Cap. Source; CoinMarketCap
Total Market Cap. Source; CoinMarketCap
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Disclaimer: Information found on CryptoPotato is those of writers quoted. It does not represent the opinions of CryptoPotato on whether to buy, sell, or hold any investments. You are advised to conduct your own research before making any investment decisions. Use provided information at your own risk. See Disclaimer for more information.

Cryptocurrency charts by TradingView.


Source: https://cryptopotato.com/crypto-market-cap-gained-10-billion-bitcoin-eyes-11000-saturdays-market-watch/

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Bitcoin Always Online In Venezuela: Launched The First Satellite Node In Collaboration With Blockstream

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Bitcoiners in Venezuela don’t need the internet to send some Satoshis. Today, the crypto payments startup Cryptobuyer announced the successful launch of the first Bitcoin satellite node thanks to a collaboration between Cryptobuyer, Blockstream, and a team led by a crypto enthusiast named Aníbal Garrido.

The initiative allows interacting with the Bitcoin blockchain without the need of an internet connection. A satellite antenna installed in Venezuela is in charge of the communication between the node and the blockchain.

How the Satellite Node Works

This novel solution allows the Venezuelan node to process information in real-time completely off-line. Thus, the normal functioning of the network in case of connectivity failure (something widespread in the country) is guaranteed. It also facilitates the use of cryptocurrencies in remote places where internet service is scarce, expensive, or even non-existent.

The project works as follows: Blockstream contracts a number of satellites to provide the communication service between the nodes and the blockchain. Cryptobuyer bought the necessary equipment to receive the signal and connect to the satellite, and Anibal Garrido and his team were in charge of assembling the antennas and making the required adjustments.

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For Alvaro Perez, a software programmer from Valencia City who helped set up the whole infrastructure, the node’s synchronization was an inspiring moment. In statements compiled by Cryptobuyer on an official blog post, the expert says that the operation was a “great achievement.”

“We downloaded the whole Bitcoin blockchain and successfully carried out the first transaction through a Bitcoin satellite node in our country on September 23, from the city of Valencia (…) We received bitcoin through the satellite connection without any internet connection. It was a moment of great achievement.”

The journey is just beginning for Bitcoiners in Venezuela

This would be the first of three antennas that Cryptobuyer plans to deploy to cover the country’s most critical areas. The remaining two will be placed in the country’s capital, Caracas, in the north of Venezuela, and Puerto Ordaz, an industrial city located south of the country.

Later on, they plan to deploy a large number of small devices that will serve as a sort of repeater antenna to create a sizeable mesh-type network that will facilitate transactions in Bitcoin even far away from the primary antenna.

Now there’s no excuse to start using some satoshis in the country. Venezuela keeps proving that it has plenty of reasons to be on the podium of the three countries with the most adoption of Bitcoin around the world.

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Source: https://cryptopotato.com/bitcoin-always-online-in-venezuela-launched-the-first-satellite-node-in-collaboration-with-blockstream/

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KuCoin’s CEO: The $150 Million Hack Is “Small” For KuCoin, Insurance Will Cover

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In a dedicated live stream, KuCoin’s CEO noted that although why he cannot reveal how much of the company’s total assets were affected during the hack, the stolen fund amount is “small for KuCoin.” The exchange will cover all the losses with its insurance fund.

  • The company first noticed the abnormalities at 2:51 AM, Sept 26, when it received an alert from its internal risk-monitoring system. More alerts followed, indicating abnormal transfers from the hot wallet.
    kucoin_ceo_lyu-min
    KuCoin’s CEO Johnny Lyu. Source: YouTube
  • At 3:01 AM, the exchange received an alert about its remaining balance from the monitoring system. Three minutes later, more alerts came in showing abnormal XRP withdrawal, which was followed by another alert that the company’s hot wallet is “running out of balance.”
  • Subsequent alerts between 3:05 AM and 3:40 AM showed abnormal BTC withdrawal alongside other tokens.
  • While the abnormal withdrawals were ongoing, the company set up an urgent task force and then shut down its wallet servers. However, the shut down did not do much to stop the hackers as the abnormal transfers continued.
  • At this point, KuCoin realized that the private keys of its hot wallet had leaked. The company then started moving the remaining balance in its hot wallet to cold storage at 4:20 AM. The process took about 30 minutes to complete.
  • Lyu said the exchange would publish the addresses used by the hackers on its official channels. An earlier report on the hack shows that the Ethereum address supposedly used for the operation contained over $150 million in ETH and ERC-20 tokens.
  • KuCoin is now in contact and working with the international police, its largest clients, and industry experts for an in-depth investigation into the incident.
  • The CEO also said they had asked most crypto exchanges, including Binance, Bitfinex, OKEx, BitMEX, and Houbi Global, to blacklist the hackers’ wallet address and assist with the investigation.
  • The crypto community was quick to swing into action to assist KuCoin in its request. Bitfinex CTO Paolo Ardoino said they have already frozen 13 million USDT on EOS that was part of the hack, while Tether froze the 20m USDT on Ethereum in the ETH address used for the hack.
  • While trading services are still available, withdrawals and deposits will remain closed until the exchange completes its wallet upgrade.
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Source: https://cryptopotato.com/kucoins-ceo-the-150-million-hack-is-small-for-kucoin-insurance-will-cover/

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