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the concept is over my head.

Its never going to fly...

WTF? If I recall my kindergarten physics correctly, dipolar magnetism has inverse square fall off. And if I recall my university physics practical classes correctly you need a bleeding huge magnetic field using heavy equipment to have a substantial magnetic effect at more than one metre. So what "impetus" are they using to generate an electromagnetic field of sufficient strength that will raise the rear hub? And how can they possibly impart rotational momentum from the hub to the rim when they are no longer in physical contact? These are poles apart (!) and would require very different configurations of magnetic fields.

If they are going to go all fanciful like, might as well conceptualise an antigravity bicycle powered by a warp drive or better still a perpetual motion machine.

But it's the magnets... they are going to revolutionize the wheel.

The physics is extremely simple.

 

The pictures show that the back of the bike rises as the speed increases.  As soon as the back of the bike is higher than the front, you are going downhill, and everyone knows you don't have to pedal on descents :)

 

unless you're on a fixie
But it looks like a "spinnie" rather than a fixie. Look at this wonder, a bike where pedaling operates a generator which charges a battery that runs an electric motor which drives the rear wheel - brilliant - so much simpler and more efficient than a chain.
Definitely not more efficient. Bicycle chains & sprockets are very efficient - around 90% or better, depending on sprocket sizes, chain cleanliness etc. You would be very lucky to get 50% out of a generator, battery & motor. It is nice & clean, but very inefficient and probably less reliable.

Someone checked their sarcasm detector at the door. I guess I should have put a ::rolleyes:: at the end but I thought it was pretty obvious I was having a go, especially after my earlier thoughts on the flying bicycle. What will they think of next? Here's a thought, electric legs which are powered by... walking.

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