Looks more like a 2 wheeled Unicycle, than a "simplified" bicycle.
"In geometry, there's nothing as strong as a triangle. Diamond-frame bikes consist basically of two triangles. The elegance and simplicity of this design is very hard to improve upon. Billions of diamond-frame bikes have been made from tubing for over a century, and during that time, hundreds of thousands of very smart people have spent billions of hours riding along and thinking about ways to fine-tune the performance of their bikes. The tubular diamond frame has been fine-tuned by an evolutionary process to the point where it is very close to perfection, given the basic design and materials. " - Sheldon Brown
"In geometry, there's nothing as strong as a triangle. Diamond-frame bikes consist basically of two triangles. The elegance and simplicity of this design is very hard to improve upon. Billions of diamond-frame bikes have been made from tubing for over a century, and during that time, hundreds of thousands of very smart people have spent billions of hours riding along and thinking about ways to fine-tune the performance of their bikes. The tubular diamond frame has been fine-tuned by an evolutionary process to the point where it is very close to perfection, given the basic design and materials. " - Sheldon Brown