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Jeff Tiedeken's Gravity Bike Gets Up to 60MPH
The world records are more than twice that speed: http://en.wikipedia.org/wiki/Cycling_records#History_of_downhill_records
The flip side is that your Schwinn never went that fast. People always over-estimate their speed on a bicycle without a speedometer.
Wheelbase seems short, and I question the flip-flop disc brake mounts, but it sure looks fun.
Drive up mtn pass fly down :)