iPhone Owners Who Bought I Am Rich Now Say I Am Stupid

Boston (dbTechno) - Developer Armin Heinrich made headlines earlier this week with his new iPhone application called I Am Rich. The applictaion was being sold on the App Store for $1,000, and was actually purchased by eight people before it was taken down by Apple.

The developer has managed to earn thousands of dollars in profit from the application, as he managed to sell it to eight different people.

Now these people who say they bough I Am Rich, can also say I Am Stupid.

This is because the iPhone application is nothing more than a glorified screensaver.

The description of the application says, “The red icon on your iPhone or iPod Touch always reminds you (and others when you show it to them) that you were able to afford this.”

The eight copies of I Am Rich sold will give the developer $5,600 in profit, while $2,400 will be going to Apple.

The bigger question is exactly how Apple managed to approve this application for the App Store in the first place, as it has since been taken down.

The developer has reportedly received no reason as to why the application was taken down.