Account “legiteum” (u=3597964) is patently dishonest—and yes, they’re trying to sell people on a financial project that looks ridiculously shady. It isn’t even a shitcoin: It’s a shit non-coin. Their behaviour looks to me like a potential long con.
This is a long post. To keep it organized, I have split it up under headings with internal links.
Table of Contents
Proof of dishonestyTo keep this readable, the below quotations are excerpts except where otherwise noted. Click through to read each one in context; where I do not control edits of a post, archival links are provided.legiteum’s
modus operandi is an Alex Jones type of conspiracy theorizing based on flat-out lies:
- Falsely claim that a Japanese cryptographer (who, in fact, worked for the Japanese telephone company NTT) wrote an NSA research paper (which, in fact, was co-authored by three Americans).
- Equate the Japanese cryptographer’s name with “Satoshi Nakamoto”, on no possible basis but the patently racist view that all Japanese names look alike.
- Claim that because a Japanese cryptographer wrote an NSA research paper (which, in fact, they didn’t write), and their name looks like “Satoshi Nakamoto” (which it really doesn’t), Bitcoin was invented by the U.S. government. /logic
- When called out for this lie, dodge the issue, and act extremely confident and authoritative.
- Bonus: When distrusted for sleazy grifter behaviour, send retaliatory negative trust feedback.
Of course, this strategy depends on Bitcoin Forum members being fools. Before I stepped in, legiteum’s spam megathread somehow got to its third page without anyone noticing that Tatsuaki Okamoto didn’t even write this paper:
https://web.archive.org/web/20261025042804/https://bitcointalk.org/index.php?topic=5597690.0There is lots of circumstantial evidence--although no direct evidence--that "Satoshi" was a person or team working within the US government.
Today I came across this paper, which was created in 1996 by employees at the NSA including
Satoshi Nakamoto Tatsuaki Okamoto:
How To Make A Mint: The Cryptography of Anonymous Electronic Cash(While I don't think Mr. Okamoto himself was Satoshi, I think it would be a fitting tribute name to give the "author" of Bitcoin a name that recalled his).
My reply:
You fucking racist troll, idiot, and
liar, this paper wasn’t even written by the person with the Japanese name:
It’s not the first time I’ve seen that paper, by the way; the paper is very well-known. But whether or not others here have seen it before, any literate person who clicks the link can see that you are lying:
HOW TO MAKE A MINT: THE CRYPTOGRAPHY OF ANONYMOUS ELECTRONIC CASH
Laurie Law, Susan Sabett, Jerry Solinas
National Security Agency Office of Information Security Research and Technology
Cryptology Division
18 June 1996
Tatsuaki Okamoto did not write that NSA paper—and in fact,
Okamoto did not work for NSA. Okamoto is a famous cryptographer (arguably best known for co-discovering the
FO transform), a Japanese citizen, who worked for
NTT (the Japanese telephone company; think of it like Japanese AT&T/Bell Labs).
Some of Okamoto’s work is discussed in §4.2 and §5 of
Law’s, Sabett’s, and Solinas’ paper—and thus, three papers authored or co-authored by Okamoto are amongst the 14 papers cited by
Law, Sabett, and Solinas.Oh, but
Tatsuaki Okamoto is a Japanese name like “Satoshi Nakamoto”. All japs are the same, amirite? And Okamoto is mentioned and cited in the paper, so Okamoto wrote the paper.
As a rule of thumb,
Hanlon’s razor suggests that I should call you merely stupid, not malicious. However, this is far too blatant and too ridiculous to be adequately explained by
only stupidity. The only plausible explanation is stupidity, plus Alex Jones tier dishonesty.
Therefore, I am giving you red distrust. This is not mere disagreement of opinion: You’re a grifter spreading misinformation. You should not be trusted with money, either.
Your unedited OP is archived. (
Page 2,
page 3 shortly before my post.)
P.S., don’t bother making excuses like “a superintelligent AI summarized it for me” or “a dog ate my homework” or whatever. You are responsible for what you write—and when what you write falls into the category of
totally making shit up, no reasonable person will believe your excuses, anyway.
For the reasons thereby stated, I left them negative trust feedback:
Trust summary for legiteum| User | Date | Reference | Comments |
| nullius | 2026-10-25 | Reference | Blatantly makes up misinformation about Bitcoin, to weave conspiracy theories. This is a matter of facts, not opinions. It is the act of a dishonest grifter; therefore, I would not trust this person with money, either. |
There response, hereby quoted in its entirety, completely dodged their lie about the authorship of the Law, Sabett, and Solinas (1996) paper. Rather, it quoted something I snipped above from my self-quote, replied to that with more authoritative-sounding bullshit, and told me to “calm down”.
https://loyce.club/archive/posts/6727/67274380.htmlMy third major point: Bitcoin was patently invented by an amateur.[/anchor] I should write a post about that sometime. But this thread is not the appropriate place for it.
Suffice it here to note that much of Bitcoin’s design and original implementation are riddled with mistakes, which no cryptographer (let alone a team of NSA cryptographers) would have made. I am on record as saying that Bitcoin Core is rock-solid—but that’s only because crypto-wizards and A-grade software engineers have devoted years of their lives to cleaning up Satoshi’s mess. Nonetheless, Bitcoin still bears the imprint of design by one lone, intelligent, passionate, idiosyncratic, slightly paranoid amateur.
This is consistent with Satoshi being an average software worker within the CIA/NSA/DARPA/etc. Just because you work in a US government agency, that doesn't mean you are an expert on... anything. It's also consistent with a small group as well. Again, just because you have a project in one of these agencies doesn't mean your project garners the input of every single expert within the US government, or even anybody else besides yourself for that matter.
As for the rest of your apoplectic post... dude, calm down...
They also left me a retaliatory red mark, which is funny because
no one trusts their judgment:
Trust summary for nullius| User | Date | Reference | Comments |
| legiteum | 2026-10-25 | | Abusing the trust system. I started a thread that triggered this poster and they wrote a totally incoherent, hate-filled rant and then used the trust system to "get back at me", which is sorta insane :-). |
I subsequently followed up on the thread:
Attention, everyone who’s scrolling by to shitpost in this spam megathread:Take three seconds to look at the link in OP. “legiteum” totally made up the premise.
- Tatsuaki Okamoto did not contribute to the cited paper.
- Tatsuaki Okamoto did not work for NSA.
- Tatsuaki Okamoto was a famous cryptographer.
- Only a knuckle-dragging racist idiot would equate “Tatsuaki Okamoto” with “Satoshi Nakamoto”.
This is grade A grifter bullshit to weave a conspiracy theory.
legiteum did not respond to me in their next post there:
https://loyce.club/archive/posts/6727/67275650.htmlFrom their standard grifter behaviour, I had a hunch they must be selling something. But what?
What are they selling?The account’s current stats, at the time of this writing:
October 25, 2026, 04:01:47 PM *
| Name: | legiteum |
| Posts: | 2366 |
| Activity: | 672 |
| Merit: | 221 |
| Position: | Full Member |
| Date Registered: | December 19, 2023, 05:25:52 PM |
At this time, the account is showing personal text that claims, “World's fastest digital currency”, an avatar that looks like a logo, no signature, and no other details.
The account’s third post:
https://web.archive.org/web/20261025180645/https://bitcointalk.org/index.php?topic=5478165.0#msg63352849The absolute simplest means of numerically-delineated value transfer ever invented is called Haypenny. It's not cryptocurrency, it doesn't use PKI, it's simply anonymous value transfer between two entities whose standing in the transaction depends entirely on the possession of a secret token (called a "block", although this has nothing to do with a blockchain "block"). The Haypenny system is absolute heresy to anybody devoted to the cryptocurrency religion, but say what you want about it, the trading paradigm is as simple as it gets.
Wanting more than the Haypenny system approach, therefore, means you demand additional requirements from your means of value transfer, such as protection from a central government (fiat currency and the banking/financial system), physical protection and possession (physical currency), or... all of the stuff you demand that cryptocurrency and blockchain give you.
The account’s seventh post starts a new topic titled,
Fast / easy / cheap / free way to create my own altcoin? The OP:
https://web.archive.org/web/20261025173052/https://bitcointalk.org/index.php?topic=5478814.0If I wanted to create my own altcoin, what is the easiest/fastest/cheapest way to do it?
By "create" here I mean a coin I could give to my friends, offer to trade for other altcoins, and store in a wallet.
After about seven weeks of what, at a glance, looks like mostly posting confident-sounding nonsense, legiteum created a topic in
Announcements (Altcoins) titled,
Haypenny is now in beta! It got zero replies.
Current snapshot 2026-10-25. The OP:
https://web.archive.org/web/20261025144003/https://bitcointalk.org/index.php?topic=5484449.0Haypenny is the ultimate platform for altcoins, allowing anybody to create their own digital currency in just a few minutes, free of charge and completely private. By leaving the technical platform to us, currency creators only focus on what they do best, which is to create a great brand and promote their coin.
Besides being able to create your own currency for free, anybody can trade Haypenny currencies using our trading system, which provides a hybrid clearing price auction and buy-it-now mechanism. All of this is connected to your totally private client-only Wallet app.
Haypenny is not cryptocurrency, and is not based on blockchain. It is a completely new paradigm in digital currency that we believe is the
simplest form of numerically delineated value transfer ever devised. The paradigm is much more user-friendly than any blockchain-based system, as there are no private/public key pairs, and as such there is no notion of identity
at all in the transaction system--the currency itself is completely anonymous. And the
Haypenny Promise is a simple set of rules that all currencies on the platform will follow, making it a safe place for the average consumer.
Haypenny is currently in an extended beta testing period. We are doing this because we want to be absolutely sure the system is safe and effective for negotiable currencies. As such, during the beta period there is no mechanism to trade your currencies for US dollars or any other negotiable currency. (We are currently securing partnerships with online cryptocurrency brokerages in order to allow the exchange of Haypenny currencies with external ones e.g. US dollars).
Please take a look at the platform and let us know what you think. Technical folks might want to start with the the
Haypenny Whitepaper or just take a look at our APIs on the
Haypenny developer site.
The haypenny.net website is a JavaScript app, which reveals negligible information without enabling JavaScript.
No, thanks. So, I don’t know how it takes your money; I reasonably presume it does.
Domain
haypenny.net was registered 2022-06-21T21:16:43Z at Amazon Registrar, according to RDAP.
First archive is 2023-09-15.The purported “whitepaper” is more interesting:
This is literally the worst financial project whitepaper that I have ever seen. It talks about why they chose Amazon AWS hosting, it goes into detail about why they chose the Java programming language over C, and it cites the Wikipedia article on REST, which they make sound more sophisticated by spelling it out as
“‘Representational state transfer’” (internal quotes are Haypenny’s).
Without reading in detail a pile of substance-free buzzwords and irrelevant nonsense, all I can find about Haypenny’s security model is:
For Split operations, the client creates a "secret number" that is presumed to be a cryptographically secure pseudo-random number
2. It is 64 bits in size.
The "secret number" is included in the Split call, and that number is logged along with the rest of the transaction data.
In the event that a user does not obtain a response from the server due to a network error (i.e. the operation
completed on the Haypenny system but the response was not received), the user may make use of an API call and provide the secret number and Block string used to make the call, and subsequently receive the lost Block string in an email.
[...]
ReferencesThis isn’t even a shitcoin: It’s a shit non-coin.
It looks to me like a cover to run a weirdo unlicensed bank.
I think it’s probably a scam. It’s definitely nonsense, it definitely pegs the b.s. meter—and it’s definitely run by, or with the involvement of a liar who’s puffing up their own forum reputation (and slowly leveling up rank) with standard con-artist tactics.
Make shit up, say it authoritatively, always act confident. This actually works—well, until it doesn’t.
It appears indeed that with their bullshit project having been ignored for zero credibility, legiteum turned to establishing their forum reputation by such means. See
e.g. this thread OP, which somehow got +6 merits from people who should know better:
Merited by panganib999 (3), philipma1957 (2), ABCbits (1)
[...]
When I first designed
the Haypenny transaction platform, my
first task was to calculate the number of monetary transactions going on in the whole world on any given day, and then calculate that number for peak times of the year (e.g. Christmas), and then [...]
That is what is required for a currency to replace the current status-quo, and Bitcoin and other blockchain-based cryptocurrencies can't do it, and they can't even get close. [...]
Wherefore...
Additional trust feedbackUpon the posting hereof, I will leave legiteum additional negative trust feedback with reference to this Reputation thread, and with an advisory to distrust Haypenny.net.
legiteum (u=3597964) is puffing themselves up with authoritative-sounding baseless assertions, spreading conspiracy theories about Bitcoin based on objectively false misinformation, and also operating or involved with a shady-looking financial project: A shit non-coin called “Haypenny”.
Do not trust legiteum, do not help them rank up with reputation to promote their project, and DO NOT trust Haypenny.net with your money.
