alt Hacker NewsSpeculators provide time-allocation of resources. They're pretty critical part of market dynamics to help resources get sold and developed when they are valued most. That is, they prevent domains from being captured prematurely for lower value use. Society profits immensely from their contribution.
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Despite being full of arrogant intellectual superiority, evidently the majority of the HN crowd has little understanding of basic economics.
While I personally wouldn't go as far as "Society profits immensely from their contribution", these types business people do serve an important function in the economy.
Much like traditional middle-men sellers, commodity speculators, insurance providers, and the like, domain name re-sellers take on the risk that no one else are willing to bear at some particular time (that the domain they're "squatting" could be worth nothing in X years). If and when the domains they're "squatting" later on become more valuable, either through their own direct efforts, or by re-selling them to other parties that can make better use of them, then the profits they make from such transactions are justified for the aforementioned risks they bore.
Hey I get it, we all gotta sleep at night. Tell yourself whatever you like to get them zzz's. As far as ticket scalpers and domain resellers go, my assessment stands: they are bottom feeding zeros providing nothing of value and they can fuck off into the sun.