There was speculation that he never worked on it, as he spent most of his time making commits to a public JavaScript bitcoin client repo. It seems the idea was less than half baked. Also, the regulatory hurdles are extreme.
It's hilarious to me too that they didn't consider the regulatory climate. Okay, you and about 1000 other startups are all waiting for the regulatory climate to change. This isn't happening anytime soon.Ohanian has responded, by saying the following: “We will be issuing redditnotes; our research leads us to want to wait until the law and technology around cryptocurrency are further along before deciding exactly how. We want to make sure we can give the community the full value of the equity when they receive it in the future, and today we haven’t been able to find a way to do that within existing regulations.”
Ohanian has responded, by saying the following: "We will be issuing flying cars; our research leads us to want to wait until the physics around antigravity are better for investment before deciding exactly how we're going to bypass Newtonian Physics. We want to make sure we can give the community the full value of the pipe dream when they receive it in the future, and today we haven't been able to find a way to do that within the existing bounds of nature."