I like it! A bike used to be my primary means of transportation back in the Bay Area, and I used to pay for good ones. Every single one of them got stolen. Every one. The last one I owned had a state-of-the-art lock on it, so the thieves cut the bike rack. People that don't rely on a bike seriously underestimate what it means to a bike owner when their bike is stolen; to a lot of people, it's just, "oh, you lost your toy, just go buy another one". To many bike owners, it's more like, "I just lost the ability to get around quickly."
The number one reason I don't own a bike right now is because I don't feel like putting up with it being stolen.
So this is one of those really big under-served pain points that everybody keeps saying you should look for when building a business.
priceonomics' approach makes perfect sense: make it easier to locate stolen bikes online, and build a new, centralized marketplace specifically for bikes that people will want to use (which also makes it harder for thieves to sell bikes online without the owner finding it).
Good job, guys.