Many things in life boil down to two things: context and perspective.
The situation in which events, ideas, or statements occur gives rise to our attitudes and points of view: context and perspective.
It’s the same way with a lie. Whether it is a great lie or a white lie depends on the context (circumstances) and the perspective (our interpretation). There are as many terms for lies as there are degrees, but I do have a favorite for its onomatopoetic beauty.
A great lie.
See also canterbury story, coker, gammon, gun, hummer, rapper, stretch, swingding-clap, taradiddle, whisker, and wrinkle.