> After reading Bad Blood, I am not convinced that Holmes (at least initially) intended to perpetrate a fraud. She may have believed it was possible to produce the machine she dreamed off, and it was a question of putting in the R&D. (It still might be possible).

I suspect that's the case too. Especially considering she didn't take money off the table.

It seems she was completely invested in the idea of fake it till you make it. Dangerously so.