maybe on april 1st
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Have we finally reached market saturation?? (2 Viewers)
- Thread starter BPTDirector
- Start date
NotRealNameNoSir
4 of a Kind
0 chance. A confidence interval is a plus or minus value for how many racks of 5 are needed.
gopherblue
Straight Flush
I've seen many comment here stating that they did not receive stimulus money, and, I have to admit I didn't as well, however, I was laid off for 7 weeks. During that period my state was giving out part of their stimulus money they received from the fed in the form of an extra $600 weekly for unemployment benefits. I know Kentucky was not the only state doing this, so perhaps there was more stimulus money than people realize.
Duplicate.
Forgot about that. Ohio did the same.
The spending spree was insane. Houses, home improvements, cars, patio furniture, hot tubs, NFTS, people went crazy.
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Some believe that this is a large part of the state of things today as far as restaurants and service industry having a hard time getting and retaining employees. After not working for months, drawing more from unemployment than they were when they were working, people decided that their pre-covid wages just were not enough for them any longer.
Crippled restaurants and they are so important to the local community/economy.
Let’s see how fast Jim’s upcoming sale goes. Really nice chips being offered but to the OP’s point, it’s been awhile since we have been this flush with chips.
Colquhoun
4 of a Kind
It wasn’t just stimulus money fueling the extra cash people had during the pandemic. Everyone was doing far less going out to restaurants & entertainment, and no money spent on vacations, etc.
That left a lot of extra cash in peoples pockets to spend on hobbies, etc.
That left a lot of extra cash in peoples pockets to spend on hobbies, etc.
I was away from poker, and this forum, actually it wasn't this forum I was on back in the day, guess it was "chiptalk" or something like that, but, was somewhat shocked to see the prices of chips, and, to see that there were some really quality offerings. If I'm buying in near peak pricing so be it, I want to build a few sets, and that requires me buying multiple pieces of sets, and then sell leftovers. I might take a hit when I go to sell the leftovers, but, that's just part of the cost of doing business in a hobby. I'm ok with that.
HaRDHouSeiNC
Straight Flush
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PPP was a complete scam
Millionaires were getting business loans just for the chance it would be forgiven
I know people who did it just for that
PPP was billions in fraud
The whole thing was ripe for fraud and were now Paying for it
More like Nigerian queens with all our money now the fraud level was so bad because the entire system is incompetent
ISIS likely even got some of the money Millions ended up overseas
It’s such a good thing we just did something
https://www.nytimes.com/2021/08/17/business/ppp-fraud-covid.html
The PPP fraud is beyond comprehension. I guess it’s just best to sit in an elitist castle, and wave a few flags while doing a self examination for polyps.
Lil Tuna
4 of a Kind
Entitlement.
And now we’re all paying for it in the form of 40 year high inflation.
Some of us were deemed “essential” and continued doing what NEEDED to be done.
It posted in the middle of the night and was gone by morning.
Watching Oscar’s video helped reset my thinking on this topic. He’s right, and I’ll say it a little louder - if chips aren’t selling, it’s because the prices are just stupid.
Somebody’s got an IOC set, 1300 chips mostly ones and fives listed for $5500. That’s crazy talk. The freaking Jumers? I saw a guy this week trying to sell them at MARKED UP prices? Must be unconscious to not realize that people have been trying and failing to sell them below chiproom prices for a while.
There might have been a brief moment in time where people got crazy enough to pay $2/chip for ugly RHC $1s with bad inlays and stupid names. But that time has passed. Does it mean that our market is saturated, that people are realizing they’re not so desperate that they’ll happily be bent over a barrel? I suppose that’s one word for it. But instead of “saturation” I’d say “stupid prices.”
Somebody’s got an IOC set, 1300 chips mostly ones and fives listed for $5500. That’s crazy talk. The freaking Jumers? I saw a guy this week trying to sell them at MARKED UP prices? Must be unconscious to not realize that people have been trying and failing to sell them below chiproom prices for a while.
There might have been a brief moment in time where people got crazy enough to pay $2/chip for ugly RHC $1s with bad inlays and stupid names. But that time has passed. Does it mean that our market is saturated, that people are realizing they’re not so desperate that they’ll happily be bent over a barrel? I suppose that’s one word for it. But instead of “saturation” I’d say “stupid prices.”
Just jumping in here to thank you for all the incredible, reactive video content you create for the community, Oscar. It is truly second to none in content and quality.
Lil Tuna
4 of a Kind
Great video Oscar!
You must live in a very different world than I do. Everyone I know was tightening up on major purchases, instead making those small impulse buys out of boredom sitting at home, which I jokingly mentioned earlier (window blinds, pillows, duvets).
Buying cars? People seem to have already forgotten there was a major pandemic shortage of vehicles in due to supply chain issues. Dealers were desperately trying to buy used ones back from customers to maintain inventory.
Everyone I know who owned a pickup got an unsolicited call. No one I know took the dealers’ (large) offers, because the price of replacing it was too high. I negotiated a low-cost trade-in on my tractor during that period... It took 11 months for the replacement to arrive.
Anyway, between the more recent inflation and crash of NFTs/crypto, those who truly believe that pandemic money boosted chip prices again need to explain why racks would cost more when things are going well, but don’t cost less when they’re not.
ekricket
Royal Flush
No doubt.
The disconnect here, however, is that all those zillionaires are members of PCF and spending all their ill-gotten gains on chips.
We have a few high-rollers, to be sure... And I’m guessing that the median PCF income is well above the national average. But come on, what percentage of PCF members own a business with more than a handful of employees?
It’s easy to explain. Many sellers, once they see that someone else paid a ridiculous price, think they can sell at that level, too:
“Someone paid $50/each for that chip I paid $14/each for? Well, damn, I’ll list mine! If they don’t sell right away, maybe I bring it down to $35/each... But $14? Never! I’d rather keep them in the vault.”
It’s roughly analogous to real estate. If a neighbor gets lucky and gets a cash offer for his house at an above-market price, others imagine that they can get lucky, too. So they list it at a silly price, and the house sits unsold for a year, until finally they re-list it at a reasonable level, or meekly accept a lower offer.
Prices are like battleships: They take a while to turn around.
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And probably their pre-COVID wages were not enough. Wages have not kept up with business profits in this country for a good 25-30 years.
Meanwhile, lots of companies have opportunistically raised prices and executive pay without raising low-end wages for labor.
Can’t find good help? You’re probably trying to underpay people. Take just a little less profit and provide your employees a good living, and you’ll never be short of workers.
Yeah must have been regional. My state was mostly open. Essential only for a 2 month period. I’m a car dealer. We had our best 12 months ever during the height of the pandemic. New and used. Record used car volume. New cars sold out for 6 months. Demand was insane as well as supply.
This upcoming sale from Jim I bet sells out in a day and exemplifies the market not Saturated.
Last night 2 racks of $900 tigers sold out in an hour.
merkong
Full House
Just donate a set or two to me. Problem solved.
I’ll pass on my claysmiths to the neighbor guy.
I’ll pass on my claysmiths to the neighbor guy.
We had vast, empty lots out here.
BC they were selling out of everything. Record sales will do that. Even with the supply shortage…you ordered a car it came in 3 months. And I’m not talking about premium units. I’m talking honda ford Subaru et . It wasn’t nearly as bad as advertised if you were just patient for a few months. And there’s always enough used cars out there to sell. 50M + annual. New is 13-18M. Just prices went up on used but cars were there.
And reason why sales were up? Cash was being printed and expenses were down.
Just like chip. But since this hobby never had a hike in costs, Covid + WW did it. My thoughts. Dude bought every premium set every NAGB ever fantasy he touched them all. And good for him. Booyah!
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Lil Tuna
4 of a Kind
In my area (upstate NY) dealers were not saying sales were up. They were saying that no new inventory was coming in. So even with normal-to-low sales rates, they ran out. Then the lots went empty. And they started cold-calling people to sell their vehicles back.
Jim's upcoming chips will sell out because they're mint, leaded, and incredibly priced though. They represent what the average chipper can actually afford — and are a complete contrast to the Tigers, in that sense. It's a quadruple booyah!
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