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How a PlayStation speculator misread the market and lost

The 23-year-old stood in line all night and at 7 a.m. the next morning, it paid off. He got his hands on two of the coveted machines, both 60-gig models, one bought legitimately at the store for $659 plus tax, the other acquired on the spot from a scalper, for a steep $1,800.

The hard part done, Mr. O'Brien thought he could sit back. He would flip the PlayStation 3s just before Christmas when demand was at its peak and use the profit to buy an engagement ring for his girlfriend -- the one who brought him the clothes and the food, whom he has been dating for seven years and whom he has known since Grade 2.

But two months later, the sleek PlayStation 3 units are collecting dust in Mr. O'Brien's closet in Bowmanville, Ont., while his girlfriend is still without a ring, although Mr. O'Brien repeatedly refers to her as his wife before correcting himself each time. He is looking at unloading the systems for as little as $600 each to buyers on the on-line classified service, craigslist.org, which would roughly amount to a $1,360 loss.

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theglobeandmail.com
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Merovee3759d ago

So, I'm supposed to feel sad for these "get-rich-quick" schmucks?? Good. Everyone who intentionally affects proper chains of supply to create artificial demand highs to make a profit, are greedy, self-centered swine.

I say they got exactly what they deserve.

power0919993759d ago

Karma is a b!tch.

I can't say I am happy that the PS3 is doing so poorly. But I giggle a little bit everytime I think about the asshats that tried getting 2,000 bucks for a PS3. HA!

Poor girl..... hell $2500 would of bought a nice ring instead of 2 PS3's.

Covenant3759d ago

POETIC JUSTICE AND KARMA. Serves him right.

Torch3759d ago

My, what a poor, poor excuse of a submission for a game-related story.

Jrocks_4_ever3759d ago

This article is stupid.........No need to post such garbage..........

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