That cable lock looks like a nice compromise... plenty of reviews around saying that it can be cut, but what chain/cable can't be cut? I think anyone who is expecting something like this to be impossible to cut is being unrealistic to begin with.
Another advantage of it is that it would probably be easy to loop through the sleeve of your jacket, keeping that safe while you're away from the bike too.
But thinking about security has made me realize what the answer is:
SPOT Trace
When you think about it, you've broadly got two types of thieves:
1) Kids who just want to joy ride and will leave it on fire in a ditch.
2) People who genuinely want your bike to make money from it somehow.
Type 1 are generally defeated by a cable lock, disc lock etc. So the bike is relatively safe from them if you use these things.
Type 2 probably won't destroy your bike right away (until they strip it down for parts), so as long as you're quick, once you've tracked it to where it is using this tracking device, law enforcement could probably get it back in one piece. Now of course, there are places in the world where you couldn't trust law enforcement to help you I'm sure... but hey, can't plan for every eventuality or there'd be no 'adventure' left in adventure travel!
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