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The difference between "speculation" and "scams, fraud, and similar" is in the eye of the beholder. Lots of people find all crypto to be a giant scam, others find all of it to be a potential investment (hopefully with the understanding that the long-tail of individual investments in the space will go to zero).

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Just FYI - that is a _deeply_ unconvincing argument where you are effectively saying "sure it's a scam (the one you know), but I have since updated _my_ definition of scam; and let me tell you - it sure did make me some money and avoid a lot of cognitive dissonance!"

Like calling a pyramid scheme a reverse funnel system.

> The difference between "speculation" and "scams, fraud, and similar" is in the eye of the beholder.

The definitions of those terms really comes down to intention: a scammer is selling something they _know_ does not deliver what they're promising while a speculator should be making good-faith claims. This line gets blurry with optimism but most of the cryptocurrency speculation which called out is indeed misrepresentation of what a potential buyer would get, such as claiming that an NFT conveys ownership when it does not.

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