US Teen Trades Hacked iPhone for Nissan 350Z 230
PieGuy107 writes to mention that seventeen-year-old George Hotz of Glen Rock, NJ has made the trade of the summer. Hotz traded his hacked iPhone for a new set of wheels (Nissan 350Z to be exact) and 3 more 8GB iPhones. "[Terry] Daidone, who's the co-founder of Louisville, Kentucky-based CertiCell, has apparently also offered the young man a paid consulting job, but stresses the company doesn't have 'any plans on the table right now to commercialize Mr. Hotz' discovery'."
Press Hype or Me Cynical (Score:3, Informative)
Like that DVD Jon guy, other people did the work, but they are adults, adults with jobs, and they don't want to get sued to death, so they let an underage person take the credit and press. Who would dare sue a kid, because the press luv the fantasy story of some hacker kid sticking it to the man, and companies don't want the bad press of sueing a kid.
Re:Life's lessons... (Score:3, Informative)
Even so, it's not that bad.
the first 20K applies as a 'Gift' so no taxes there.
Re:Hackability... (Score:5, Informative)
Huh? (Score:4, Informative)
The gift tax rules don't apply - he's clearly being compensated for his skills. Strictly speaking, he increased the phone's value himself and then accepted compensation for it. Only his accountant knows for sure.
Ugh, it's a bad trade -- taxes! (Score:5, Informative)
Re:He my not have been the first to open it. (Score:1, Informative)
Re:Irony? (Score:3, Informative)
Re:Hackability... (Score:5, Informative)
The only real difference is the quality of the materials used and the technologies used. For example, I wear the Walmart-channel shoes because they fit better. They look a lot like the name-brand shoes but instead of leather, there is often vinyl or instead of high-tech soles, the soles are more of a solid rubber - and they're not quite as durable.
The margin is lower for these value items, and some of that is made up with the cheaper materials. The overall profitability is maintained by the much higher volume that goes through stores like Walmart.
Oh, and none of our shoes or apparel are made by 8 year olds (or anything even close) and that is verified by outside auditors. I expect our biggest competitors can honestly make the same claim.
Re:Press Hype or Me Cynical (Score:3, Informative)
Wait, I thought it was Christopher Finke [chrisfinke.com] that did the CSS hack [mozilla.org]!