Money to Burn

Last week, the web was in a roar over a newly announced “application” (and I use that term in the loosest possible context) for the iPhone. Dubbed “I am Rich”, this application sold for the whopping price of $1000 – or 5 times the price of a new iPhone.

For that price, you would certainly expect a lot. But this app does nothing, save for display a red ruby wallpaper…

The story would end right there – but here’s the kicker: 8 people actually bought the app – generating the “author”, Armin Heinrich $5600 in revenue after Apple took its cut. The “I am Rich” app was unceremoniously removed from the App Store after a few days – and I’ve heard via other articles on the web that Armin has yet to receive his earnings.

What do you make of this issue? I see nothing wrong with what Armin did. If people are willing to pay $1000 for the privilege, then so be it. What say you?

-Krishna

These beautiful and intelligent people wrote

  • Theala SildorianReply
    August 11, 2008 at 7:30 am

    Caveat emptor. Let the buyer beware. If these 8 people were stupid enough to pay that kind of price when the description clearly said what the app was, then that is their problem. Heinrich may have nads of bronze to offer an app like that, but if people actually paid up, then he has to be given his cut. It wasn’t fraudulent.

  • bluesparkleReply
    August 11, 2008 at 8:40 am

    What a dumbass are you when you pay 1000 dollars to get a screensaver….
    You can buy photoshop for that price and make the damn thing yourself LOL

  • JohnReply
    August 11, 2008 at 9:11 am

    When I heard about that app, I lol’d pretty good. I say if they want to pay that much so they can brag to their friends or whatever, let’em. It’s not like those people on eBay who were having people bid on “a picture of a PS3” or whatever it was — as Theala said, this wasn’t fraudulent at all. Wicked smart and crafty, but not fraudulent.

  • WilRReply
    August 11, 2008 at 9:24 am

    Apparently apple received some complaints about people who bought it thinking it was a joke, so if apple license for developers isn’t a b*tch then ssss might get his part of the deal.

    They might make it available again with another description.

  • Scott GallatinReply
    August 11, 2008 at 9:53 am

    maybe for a green background.. but never that much for a red one.

  • DanReply
    August 11, 2008 at 9:59 am

    I see it as a whole lot less creative, but updated, Pet Rock. As far as I know, there is no rule in this country against wasting your own money and no rule against the rest of us making fun of you for doing so.

    In the financial world, you can do all sorts of things as long as there is full disclosure. For instance, if someone wants to sell stock certificates that have no underlying assets, they can. It’s all in the prospectus and if someone buys the worthless pieces of paper, that’s their business. Those are the SEC rules.

    Oh wait… I forgot — Steve J believes that SEC rules don’t apply to him and his back dated options… so perhaps I’m wrong.

  • CharmaineReply
    August 11, 2008 at 12:36 pm

    If there was a clear description of what they would be receiving in the app store then shame on those people that bought it. If there was not a clear description then shame on Armin and he should not receive his ill-gotten gains.
    But really why would anyone pay $1000 for an app for their iPhone and for that matter any type of phone?

Tell me what you think!