Comment: Yes, the tragedy of the commons.

Why is it the common Cow never even came close to extinction and the Buffalo was nearly eradicated from existence?

Because the Cow has owners who have an interest in preserving their investment.

When the Buffalo was unowned their was no reason for people not to simply kill as many as they wanted to, it was free and didn't cost them anything.

Private ownership gives people an incentive to preserve them, when was the last time you heard of a rancher machine gunning his herd of cattle?

Now that people can own herds of Buffalo and profit from their use, Buffalo are no longer going extinct, the same has happened with Alligators and other animals.