Chameleon effect, the range of values hypothesis and reproducing the EPR-Bohm correlations

We present a detailed analysis of assumptions that J. Bell used to show that local realism contradicts QM. We find that Bell's viewpoint on realism is nonphysical, because it implicitly assume that observed physical variables coincides with ontic variables (i.e., these variables before measurement). The real physical process of measurement is a process of dynamical interaction between a system and a measurement device. Therefore one should check the adequacy of QM not to "Bell's realism," but to adaptive realism (chameleon realism). Dropping Bell's assumption we are able to construct a natural representation of the EPR-Bohm correlations in the local (adaptive) realistic approach.