I agree that it's a step backwards. My current bike is over 50 years old and I got it for $100. Performance is not top notch but better than a new big box store bike for 3 times its price. I would estimate that it has seen at least 5-6 previous owners.

Or, you know, I could have bought a cardboard bike.

I feel like while this is a fun project, some people need to sit back and take a big picture view before spending years to develop a product only to realize that you've been bested by the tech of 60 years ago.