...probably. In my opinion movies can be all right without having any artistic value. This one doesn't have any and in addition to that it is downright boring.
The plot completely incomprehensible. Hannes, a middle-aged official living with his mother, develops an illegal database that can monitor and register every citizen's behaviour. After somebody steals the system Hannes finds himself the victim of his own system. In spite of resembling Orwell's 1984, it is actually based on a short story by Iceland's conservative foreign minister, Davíð Oddsson. Many Icelanders feel very strongly about how this movie got public funding (instead of many more attractive projects) and some have even insinuated that Oddsson had something to do with it.
However, the majority of Icelanders have seen the movie, either in cinema or on TV. This movie is in many ways like a car crash. Just like you slow down when you see a car crash to see how bad it is, you see this movie to see how bad a movie can be.
Stay away from this film!