Are cryptocurrency scams a scam?

Could you elaborate on the complexity of the issue surrounding cryptocurrency scams? I've heard varying opinions on whether they are legitimate threats or simply another guise for fraud. On one hand, there are reports of individuals falling victim to elaborate schemes involving fake cryptocurrencies and fraudulent ICOs. However, others argue that these so-called scams are merely a small fraction of the overall cryptocurrency market and shouldn't be painted with a broad brush. What are your thoughts on this? Are there specific patterns or red flags that investors should be aware of? And how can one distinguish between a legitimate cryptocurrency opportunity and a potential scam?