I agree $80 is expensive, but how much is your bike worth? You said putting it on you're renters insurance, what is you deductible on that? It would be interesting to find out what hassles you have to go through to get money out of krytponite if your bike is stolen.

Specialized also makes a couple good locks.. and there are 1-2 other companies that make good locks. As for the hardware store chains.. I would not trust it, look how easy they cut it to length for you? Okie go down to a boat store and pickup a anchor chain where each link weighs about 2 pouns I would probably trust that But then the other factor there, that padlock you are using is also a VERY weak point.