Is bike theft that big an issue that you have a very good chance of losing your bike if it is not locked with a mega lock or kept in a vault or within your sight at all times? Honest question. It almost sounds like it's an epidemic and you're assured to lose your bike. I don't ride so I have zero exposure to this.
The uglify your bike comment has some merit. One of my buddies in university drove a piece of crap 10 speed. He rode if two years and never locked it. It was never stolen and at the end of our degree he actually tried leaving it in vulnerable places to encourage theft as he didn't want to take it with him when he left. In the end he just left it on campus, abandoned.
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