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Rhonin the wizard said:

Haven't we heard that credit cards would replace cash?

Or that videophones would replace telephones?

Or mobile phones would destroy handhelds?

Or that the NES is a fad and video games would only exist on computers?

Did any of these happen? No.

Consoles will continue to exist for a long time.

The credit card replacing cash, and mobile phones destroying handhelds are already happening.

The videophones bit I never understood much of it's reasoning considering you normally only need to talk/listen to communicate. "videophoning" is more of an extra feature of phones, rather than a replacement (mobile phones already allow you to videophone anyway).

PC gaming was but a fraction of console gaming in the 80's. Console gaming is older than PC gaming too. PC gaming has gained ground over consoles since then, and now consoles look more and more like PCs.