The Signal
On Valentine's Day, Threadguy retraces how he bought LIBRA after Argentine president Javier Milei promoted it and reinforced the post on Instagram and Facebook. He looked past a Google-form red flag, rode the token toward a roughly $4.5 billion valuation, then capitulated near $1.2 billion for a loss of 1,100 SOL — about $225,000 by his final estimate. He closes by arguing that back-to-back memecoin promotions tied to national presidents are extracting millions from the Solana ecosystem and damaging crypto's credibility.
Key Takeaways
- 01
Official posts overrode the red flags
The project's funding application led to a Google form, which Threadguy immediately called suspicious for an initiative linked from Argentina's president. But Milei's Instagram story and Facebook post calmed the hacked-account fears, and the stream treated the launch as real.
- 02
The exits arrived before the capitulation
When the chart first dumped, a presidential repost kept Threadguy in while traders he considered smart sold. A later bounce after locked liquidity was confirmed on Solscan produced a second round of Mike Breen “bang” clips; he finally sold near a $1.2 billion valuation, down 1,100 SOL.
- 03
The loss became a credibility warning
Threadguy frames LIBRA alongside the prior week's Central African Republic coin and says teams extracting millions through presidential memecoin promotions are hurting the wider industry. Even after a week of positive Bitcoin and macro-crypto news, he notes Bitcoin sitting near $97,000 and expects another flush before a recovery.
On the Record
“I lost 1100 SOL. It was like 250 — you know, $225,000 — on this coin.”
“This is really bad for crypto. This is really bad for crypto, man. There's so many bright spots in the space, there's so many good use cases, there's so many positive things that crypto allows.”
The Breakdown
A second presidential coin in a week
Threadguy opens live on Valentine's Day with the Central African Republic launch still fresh. He says that coin ran to a $1 billion valuation before turning out, in his telling, to be a paid presidential promotion that enriched the launch team and wrecked buyers; he had round-tripped mid-six figures himself. A week later, at 5:01 p.m. EST, Argentine president Javier Milei posted a contract address for LIBRA alongside a pitch to fund small Argentinian businesses and startups.
The Google form and the run to $4.5 billion
LIBRA launched around a $1 billion valuation, and Threadguy says he bought heavily near $2.5 billion. The linked site described entrepreneur and education funding, but its application opened a Google form — his first red flag for a project attached to what he calls the world's 22nd-largest economy. The token climbed through roughly $3.4 billion to $4.5 billion as an Instagram story and Facebook post from Milei's accounts convinced the stream that the original tweet was authentic.
Two bounces, two “bang” compilations
The chart began dumping as what Threadguy describes as insider and developer selling intensified. Milei reposted the original message, but while traders Threadguy respected were exiting, he pulled up a Mike Breen “bang” compilation and celebrated instead. The group later checked on Solscan that liquidity was locked, prompting another pump and another compilation; as broader confirmation failed to appear and screenshots circulated through group chats, he concluded the launch looked like a farm and capitulated around $1.2 billion, losing 1,100 SOL — roughly $225,000 by his corrected estimate.
From LIBRA to crypto's credibility
Threadguy cautions that he may be wrong, then offers his working theory: as with the Central African Republic coin, a team arranged the launch and paid the president for a tweet, reposts, and social posts that made the project look legitimate. With LIBRA trending toward zero and most participants losing, he shifts from his own trade to the industry's cost — millions extracted from the Solana ecosystem and a market left scarred despite crypto's useful applications. He points to Bitcoin stuck near $97,000 after a week of good Bitcoin and macro news, says it feels like one more flush could come before a recovery, then signs off with a bitter Argentina-football rant.
Distilled from the episode transcript · Counterparty Recap Desk
