In addition to the performance problems there's the basic fact that no such scheme can possibly work (as proven by the pigeonhole principle). High compression

In addition to the performance problems there's the basic fact that no such scheme can possibly work (as proven by the pigeonhole principle). High compression rate schemes that actually work compress high likelihood inputs and expand low likelihood inputs by accounting for the characteristics that make inputs high likelihood--e.g., redundant highly patterned texts. Schemes that are agnostic about the input, like the one described here, are as likely to expand any given input as they are to compress it.