X-Stream is a system for processing both in-memory and out-of-core graphs on a single shared-memory machine. While retaining the scatter-gather programming model with state stored in the vertices, X-Stream is novel in (i) using an edge-centric rather than a vertex-centric implementation of this model, and (ii) streaming completely unordered edge lists rather than performing random access. This design is motivated by the fact that sequential bandwidth for all storage media (main memory, SSD, and magnetic disk) is substantially larger than random access bandwidth. We demonstrate that a large number of graph algorithms can be expressed using the edge-centric scatter-gather model. The resulting implementations scale well in terms of number of cores, in terms of number of I/O devices, and across different storage media. X-Stream competes favorably with existing systems for graph processing. Besides sequential access, we identify as one of the main contributors to better performance the fact that X-Stream does not need to sort edge lists during pre-processing.