PS3 Speculator Holds On Too Long, Loses Everything

from the sell,-sell,-sell dept

There’s a great episode of The Simpsons in which Homer decides to buy up pumpkins in the run up to Halloween, hoping to cash in on the inevitable spike in demand. At first, the value of his pumpkins starts to rise, but in his greed, he thinks he can make more money by holding onto them even longer, past Halloween. If you haven’t seen the episode, you can probably imagine how it ends. Homer’s experience has been shared by one Canadian who snapped up a pair of PS3s right after their initial release, hoping to profit from last-minute Christmas shoppers desperate to buy a box on eBay. Initially, it looked like the plan could work. As we noted here, PS3s did indeed go for nosebleed prices on eBay, at least initially. But as Christmas drew closer, the price started to level out — the last minute surge in demand never materialized, and the speculators lost out. The speculator in this story could’ve made a tidy profit if he’d just flipped his boxes as soon as he got home, but his psychology was very reminiscent of traders during the last market bubble. They couldn’t bear the thought of selling too early and then missing out on future profits. And as prices started to decline, they couldn’t bring themselves to sell, knowing they could have gotten much more just a few days earlier. As for the two boxes he bought, they remain unopened in his closet, and unlike stocks, he can’t even sell them at a loss to go against his taxes.


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Comments on “PS3 Speculator Holds On Too Long, Loses Everything”

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33 Comments
Honest Abe says:

What exactly is the point of this story? I know it’s related to technology, but it really is pointless, considering the fact that any collectible or hot commodity of the time can be bought and sold in this fashion. This is like writing an article about how I hung on to my rare Beanie Babies in hopes that their prices would continue to skyrocket, and after the craze ended and the prices starting falling, they ended up in my closet where they remain to this day.

Sanguine Dream says:

Serves him right!

This guy and other losers like him get no pity from me. They got greedy and got busted. However if he is smart he’ll hold on to them for the next 10-15 years and can sell them on Ebay version 3.5.0.9. By that time the price of an unopened system could very well be worth what it is now, if not more. Even I may be tempted to buy an unopened PS3 10-15 years from now.

ScytheNoire (profile) says:

idiot

The moron should’ve bought 6 Nintendo Wii’s instead of PS3’s, and he could have made a nice profit. Damn idiot didn’t follow tech news, otherwise he would’ve known the PS3 would be dead on arrival.
S
erves him right for buying Sony crap. Hope they catch fire sitting in his closet and burn down his house. Never know with Sony products, they have a habit of spreading viruses or just exploding.

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