PPX Traders:

Today is a special day for PPX—our first proposition has reached its endpoint. As screenshots, binaries and source code for the iPhone’s “hello world” application surfaced late Sunday, the necessary verifications was there to finally confirm that the iPhone Dev team has indeed succeeded in running a simple third-party application. Trading is currently suspended on IPHACK, and pending final approval, the stock will officially delist sometime in the next 24-48 hours. Holders of IPHACK rejoice—you just made some money (POP$100 per share, to be exact). For the record, PPX called it from the beginning: the price reached POP$80 (80% probability) less than a week after the iPhone’s release and didn’t look back.

As you can see, the application doesn’t do too much yet (other than display a greeting to “netkas,” one of the hackers responsible – see more on his blog), but “hello world” is the necessary first step for any programming platform to grow. The door is open—now it’s only a matter of time until more full-featured apps start to pop up.

The interesting question now is how will Apple respond? Will they attempt to plug the hole via a software update? Fully embrace the move and release an official software development kit for programmers? Or simply ignore it? My money, for now, is on the latter—with the iPod, anyway, Apple has been fairly tolerant, allowing the iPod Linux crew for instance to hack away in relative comfort. But the iPhone is a decidedly different beast, so it will be interesting to see what happens. Hmm, do I smell PPX prop potential? —John Mahoney