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@ffub
Check Sheldon on this, he points out that you only need to go round the rim and and round a pole, as long as the bit of rim you choose is in the rear triangle. It means you can't get the wheel out of the frame, without cutting the lock or the rim. Which is basically what locking the wheel to the frame is.[/quote]
Cutting the rim is a lot easier than cutting the frame. You could probably cut through a rim with bolt croppers or a hack saw. A bike minus a wheel is still a damn good steal.