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Apple's (NASDAQ: AAPL) decision to open the iPhone to outside developers promised to offer "amazing" and "innovative" software, but German software developer Armin Heinrich's gadget has the few people who bought it hot under the collar.

Price at $1,000, the "I am Rich" application provided the buyer with nothing but a red ruby that displayed on the screen, a pointless testament to the user's ability to blow that kind of money on nothing.

The application was meant as a joke but The New York Times reports that eight people actually bought it, and some demanded refunds.

I think the "I am Rich" application is a hilarious idea. Think about it: it's really not that different from a designer handbag or watch whose value is mainly a function of its exclusivity and, dare I say it, it has a lot more in common with the iPhone than many of its users would like to admit.

iPhone's 'I am rich' application attracts scorn originally appeared on BloggingStocks on Mon, 11 Aug 2008 12:12:00 EST. Please see our terms for use of feeds.

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