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In reality, it's almost impossible to get a security option that's reasonably priced and convenient to carry around, and the point of a cheap lock is to provide some deterrence, as most thieves will move on to look for unlocked bikes rather than risking the time it would take to cut through or otherwise disable a cheap lock.
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Most thieves will have a pair of wirecutters or something. It only takes a second to snip a cable lock so really it's not much of a deterrent.