You definetely has some good points. We are actually speculators\gamblers in fact we are betting on a new world, new group of works around one single idea of technology (blockchain). The term "investor" is far better suited for those than invest in actual enterprise with real world products or service and usage. We, instead, in case of alts especially (with little exceptions like XRP, ETH, BCH, etc.), are putting our money into a dark zone, we hope those people that made the alt or the ICO will take care of the project they have described, we hope they'll make the future products or services they are promising and asking (our) money for. That's why crypto is tipically more rewarding than stock market (when bull market is ON), more risks more gains (and more losses in bear markets). Diversify is for sure the way to go, but yes, that we are gamblers it's a reality and in many cases we lose our gamble.