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While entirely theoretical, Lee’s design is not without merit. Spokes and rims found on any standard bicycle already absorb shock, albeit minimally.

Spotted at the Bespoked, UK’s handmade bicycle show, Loop Wheels should be getting things Kickstarter’d this week for their carbon fiber looped bike wheels. Details are pretty scant, but the obvious is the composite looped spokes that create three sets of springs between the hub and wheel.
The Loopwheels’ spring system between the hub and the rim cushions the rider from potholes and bumps in the road. It also reduces road noise by absorbing it, thereby reducing vibration through the frame—and into the rider’s arms and body. Because the suspension is inside the wheel, you don’t need fat tires to make the ride nicer. Instead, you can use high-pressure or puncture-resistant tires.