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Is someone a conspiracy theorist if they conjecture about conspiracies or because they conspire with others to promote a theory?

The former. The latter would be a theory conspiracist.

The term Conspiracy Theorist is a slur and a pejorative in the vast majority of cases where it is applied.

Conjecturing about whether or not a particular situation might be explained by a conspiracy does NOT make one into a Conspiracy Theorist.

The term Conspiracy Theorist would accurately describe someone who makes a living at it -- like Alex Jones or David Icke.

I don't think either of them are allowed to make a living