You just have to trust other cyclists. If you use a regular lock, anyone with another regular lock could lock your bike and screw you anyway.
DC has replaced some bike racks with bike lockers that totally enclose the bike. The downside is the lockers take up a lot of space so there are only a few of them at each metro station.
Either you have one bike per post, which is not efficient or enough, or you stack them.
So basically, though it's an interesting idea, this design is very impractical.