Speculation of any sort should be frowned upon in our society. I'm all for capitalisim and making a profit, but buying something just so you can turn around and sell it to someone else for more money, without having made any improvements is just jackassery.
Isn't "buying something just so you can turn around and sell it to someone else for more money" exactly what all retailers do everyday? What about investments/401k accounts? Are you not buying things and hoping to sell it to someone else for more?
I personally don't have a problem with speculating on something that has actual value like the land analogy above or investments. The analogy breaks down though, most items have to be made or bought from a person or other entity, there is no longer a pool of unowned land that you can claim with a nearly insignificant registration fee and then try to sell. Real estate agents don't just roam around looking for vacant houses and claim them to sell as their own.
To the systems programmer, users and applications serve only to provide a test load.