Err ... the number of bikes I see locked up like that - even a brompton locked up with a cable lock through the wheel at a local sports centre!
I saw a Brom once, locked with a heavy duty cable, which went round the main tube, and then round a 3 foot high bollard. I could have just lifted it off and ridden away.
In fact, some scroats did, but I gather one of the local cycle recyclers spotted them with it, told a passing copper and they were nicked.