Ask yourself this: do you really think successful companies start out this way?
Your co-founder can't execute. It doesn't sound like he knows anything about starting up.
If he were destined to be a successful CEO, he would be pushing you to release an imperfect product, not the other way around. His hair should be on fire, and it's clearly not.
Cut your losses and work on any of the countless other useful things there are for you to build. Ideas are a dime a dozen.
Edit: After reading the other responses that encourage you to try to make it work, I strongly (and respectfully) disagree with them. His personality is wrong for startups, but it's also a mismatch for yours. Be discriminatory with your time and stop giving it to someone who is squandering it.