What is real, or what could be considered as reality, is defined by what said reality and the observer of that reality are made up of. If the observer and the reality being observed are made up of the same things and the observer exists within it, then that reality is real but it can only be determined as real by the observer. This is my reality hypothesis, sounds smart, but is probably really dumb!
"We live in a fantasy world, a world of illusion. The great task in life is to find reality." - Iris Murdoch