Concerns about GameStop aren’t new. As long ago as 2011, short seller James Chanos was recommending a bet against the stock.

Mariann Montagne, a senior investment analyst at Gradient Investments LLC, which bought the stock last year and sold in August, said doubts about GameStop’s future tend to come in waves.

The stock has been depressed and it seems due for a bounce based on the high level of pessimism. However, we are delaying the inevitable. This time is different. Gaming consoles with bigger hard drives, homes with more bandwidth and publishers seeking a larger portion of the sales pie equals disaster for a company delivering a majority of profit from physical game sales (new and used).