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shams said:
1/ This will hurt the new sales of the title, and in the end - Sony will make less revenue, not more.

2/ Less people will play it online.

And what is the logical next step for this:

a) You buy a new game at the store
b) The game box is an empty shell - it just contains a one-time code for downloading a game
c) Once the code is used, its worthless

I'll say it again: Sony has to get over this - they have to start chasing NEW consumers, and sell more copies of games - rather than squeeze more money out of the limited consumers they have.

How is it squeezing their "limited consumers"?

The ones that buy it new are already giving their money to sony. The ones that don't buy it new (i.e. not even giving sony money) will 1) be forced to buy a code => giving sony money they otherwise wouldn't have gotten 2) won't buy it then (no problem for sony as they didn't see any money from it anyway / might hurt things like Gamestop  more, which doesn't annoy sony at all in this regard).