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I've stood in lines for books, when I could have just as easily purchased it online. Its more of a social thing, you get to interact with other fans, have fun with strangers, bond over a shared interest.

Its kinda like going to a convention except much smaller, and far more jam packed.

You can sell the phone in China for $3000, that is why.

This is what the iPhone launch looks like, now:

https://www.youtube.com/watch?v=Ef_BznBwktw

So they can feel a sense of achievement, as the staff clap them on the way in.

I assume it's a social thing, like going to a concert.