Second day of classes during my Freshman year in college... My roommate leaves his $1000 bike locked up on the bike rack outside the lecture hall. One hour later after his class ended, he returns to his bike to find the seatpost and wheels GONE.

Yeah, he should have quick-released his front wheel and looped a cable lock through all the removeable parts to prevent theft, but who has the time to do that when rushing to class?

I'd say buy the cheapest $100 Walmart piece-of-crap bike for use on campus. If it gets ripped off, it's not a big loss.