[quuquuquu]

That donation becomes "speculation" if the token received from donating (i.e paying a price for a token) becomes tradable to other people.

Of course it is a questionable medium to speculating in, since there is no real mechanism holding the ICO-offerer to any obligation to deliver what they say they will deliver.

At least with a traditional stock market that is slightly more regulated, transparent, etc, we can reasonably expect that everyone from Apple to Zapos will attempt to deliver on what they say they will, with theoretical criminal charges being the price to pay for those who deliberately defraud investors.