Don't emulators exist?

http://www.wired.com/2015/02/crypto-trick-makes-software-nearly-impossible-reverse-engineer/?mbid=social_fb

Am I missing something? If your computer can run it, so can a virtual computer, so what's the point?
Found a FAQ by Jacob Torrey (presenter of this idea) http://blog.jacobtorrey.com/hares-faq

Jacob Torrey wrote:
HARES could be vulnerable to being loaded into an emulated CPU, or a nested VMM; during my technical talk at both Syscan and INFILTRATE, I will cover secure deployment mechanisms and key management ideas that would significantly reduce the likelihood of being run in an emulated environment.

I guess we'll just have to wait and see!
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