Surprises

by Joseph Weisenthal




No Merry Christmas For PS3 Speculators

from the too-easy dept

A few days ago, we pointed to a post by Clive Thompson, in which he noted that the value of getting a PS3 before they were available to the public was somewhere in the ballpark of $2,000, as buyers bid up their price to nosebleed heights on eBay. Since then they've cooled off significantly, sliding steadily through Christmas day. This has defied the expectation of speculators, who had bought them up, hoping to sell them for a rich profit to procrastinating parents right before Christmas. As it is, many of those profiteers had to return the boxes to the stores to get a refund. In a sense, it wasn't hard to see this scheme failing. After such a rapid rise, the price had nowhere to go but down. And even though there's a lot of pressure on parents to get a box under the tree on Christmas, apparently many realized that it made sense to hold out a few more days. So, next time a really hot videogame box is released, don't do the obvious thing and buy them up before Christmas. The real money is in figuring out a way to short them, as you would a stock.

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  1. identicon
    Wizard Prang, 4 Jan 2007 @ 10:03am

    So now we're down to name-calling, Hm?

    In fact I would wager that most of you judgmental types, if were offered 3X the cost for the system as you walked out the store with one under your arm, you wouldn't even give it a second thought as you thumbed through the Benjamins to ensure that they were all there as you waved goodbye to the new owner of a system that was previously yours. And if you refused to sell the system, then you are a fool.

    There's this thing called the Golden Rule. You may have heard of it...

    When I heard that Amazon was selling Xbox 360s for $100 I thought about doing exactly that... then I decided not to, as I didn't want one, and didn't feel right out of doing someone else out of a Christmas gift. Perhaps I'm the only one who feels this way. Judgemental or compassionate? You decide...

    They again, I don't buy into the hype and run after the hot toy du jour, and have little respect for those who do. Never have, never will.

    Ironically, I agree with most of your sentiments. As things worked out, those who got stuck with PS3s they could not unload on Boxing Day... so perhaps justice was done, after a fashion.

    Oh, and show me where I said or suggested that PS3s should be monitored.

    Simply put, I didn't. I made the point that this might be considered an abuse of the free market (which it is), and what I considered to be a reasonable suggestion to prevent people buying such items solely for the purpose of resale.

    The point is not whether the item is a luxury or a necessity. The point is whether someone is taking advantage of short supply of an item to make a windfall profit. Legal? Probably. Ethical? Probably not.

    Keep up with the name-calling and the jumping to conclusions, though... you're doing great.

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