gweedo why dont u put there 1BTC o nthe wallet if you believe he cant crack it. 16$ doesnt sound like u really are not worried.
gmaxwell already put up
50 BTC if he can crack any one of 200,000 different keypairs.
Now, everyone, including him, knows he cannot do it.
He may never have claimed he could, that is another matter.
I'd like to see what happens with this. Just because it hasn't been done in a couple of hours doesn't mean it CAN'T be done.
As has been well established on this thread, this is a rainbow table attack, and one of those 200,000 keypairs could lie within reach. Remember that we have NO IDEA how keypairs are spread along the curve, so it's not possible to tell how "weak" an address is before it's tried.
gmaxwell has the massive advantage of the entire space to choose from, obviously, but there is a possibility (however vanishingly small) that he could get caught here.
Give it some time

Rit.
PS: I also agree this is a valuable experiment, even if it comes to nothing. A security system claiming to be this unbreakable *needs* someone to try to prove it wrong sometimes - otherwise stagnancy sets in and no progress is made.