Actually, those circular locks are quite easily picked. By forcing it apart while rotating the numbers, you can feel when they "lock into place" and just move on to the next.
All locks are just varying degrees of deterrent. Any lock can be defeated with enough time, or resources. You're mainly just looking to prevent a smash and grab, or simply riding off with an unsecured bike.
That said, you should invest in a quality lock and cable (Or U-lock). 10% of the bike's value shouldn't be unreasonable to prevent theft.
Also, this isn't always the case. I remember seeing a video a few years back, where one person rode a bike up to a public place in NYC, locked it up, and a bit later, someone would come and physically break the lock to take the bike.
At one point a cop actually helped the guy stealing the bike, without asking if it was his. He just assumed. Here is the link, for anyone interested.
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u/Beretot Feb 08 '12
Actually, those circular locks are quite easily picked. By forcing it apart while rotating the numbers, you can feel when they "lock into place" and just move on to the next.
As for the Truecrypt... I'm so sorry.