People get scammed not so much because they can't analyze a scheme on an intellectual level, but because of their personality or emotional state. Smart are often *more likely* to get scammed, because they're more confident in their own judgement. "Is it a scam?" A checklist.
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(Scams advertise risk-free rewards that are accessible to anyone -- no need to provide any particular value, information, or insight -- unlike traditional investing or VC)
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Perhaps a very succinct way to put it is this: if it's a sound investment, knowledgeable actors are going to want to buy as much of it as possible. If it's a scam, knowledgeable actors are going to want *other people* to buy as much of it as possible.
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