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I knew someone that had a pretty decent bike and he purposely made it look crap. He put loads of crappy stickers on it, wrapped different parts of it with different coloured tape etc. Not sure did it actually change anything, but it has never been stolen.

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There's a counter intuitive effect with high grade bikes. They often have a unique look (frame, colors, tires...). If (IF) the bike is quickly moved far from its original city, other bikers will notice it whenever someone uses it again. Often on bikers board you can read stories of users helping each other out.

A generic bike on the other hand .. less chances to be noticed (by definition).

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