Cool idea. However, though the individual letters are all roughly legible, the text there is not readable at all. The lines are quite long and the line spacing is quite short, so your eye'll have a lot of difficulty moving line to line successfully.
Disagree for me. Recognized it as the Declaration of Independence pretty easily. I will say, however, the second and subsequent lines were harder to read without the white space above.
Well it is one thing to recognize it, but another to be able to comfortably read it.
As an experiment, I cut a small bit of paper and hid each line as I finished them up. Still rather difficult to read, but certainly more possible. An interesting font, to be sure, but one which did not truly meet its goal.
Your difficulty was due to the line spacing, so in fact you don't disagree.
Even if it did, it would look horrible as soon as you changed the device orientation. It's optimized for horizontal RGB triples, and would probably not be legible at all if they were stacked vertically.