Yeah, perhaps. I'm in Gent, which is a big student city, and thus rather infamous for bike theft. Still, I've only ever had 1 bike stolen (my old 4-speed bike I took with me from home), and that was when I lent it out for a night to a friend. He told me locked it, but I'm doubtful. Hell, he could've left it somewhere and been too drunk to remember where exactly.