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According to Phil Spencer, main reason why the Scorpio/X's price is $500 is due to them not budging on reducing power for a lower price. They wanted the most powerful console and knew it meant both backlash and the price being higher than they would like.
The X is also meant to entice more PC developers on board to make games for the Xbox One without having to sacrifice things.
Also just talked about being happy with having a partnership with Nintendo in regards to Minecraft. Implied it being deeper than Nintendo simply just wanting the game for the Switch.
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