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City-bike-things are pretty hard to steal as you have to return them to a designated area - in most cases anyway. I don't think they are like this in Barcelona, but Barcelona has the most unfriendly scheme I've ever seen anyway (Copenhagen has the best. The bike's are (were? this was in 2003) secured with basically the same system shopping carts are at big grocery stores - throw in a Euro coin to unlock, and get it back when you return the bike! No need to steal!).
Anyway, designated areas make it hard to steal already as I assume the stations are pretty tough, and then if you do get one, you either have to keep it indoors when not on it, or risk getting caught with it (when locked up like a regular bike). And re: stealing them being cool - I'm not sure about this... When has looking like a tourist ever been cool?
The massive size of London, and the half-assed sounding plan do sound like the bigger problems.