But if it's noisy or visible, it's discouraging.
Anyway, instead of paying a premium for a bizarre frame contraption, buy a cheaper bike with enough lock to discourage a quick snatch. It won't be worth the effort to steal on the one hand, and it'll be cheap to replace on the other.
If you get an expensive bike instead, get theft insurance and make sure there will be visible evidence of theft if it gets stolen (e.g. clipped chains or whatever).
Bike+lock=constant
The insurance my friend got only needed proof that he purchased a sufficient lock, which they do tell you beforehand, so you can just keep the bill as proof. Also, they need the police report. He got his money quickly. (This happened in Germany.)
He even had one of those fancy GPS tracking looks-just-like-a-normal-tail-light. Neither the police nor the insurance cared and since he didn’t want to confront the thief (or more likely the buyer) all on his own when he got a signal a couple of weeks later he just dropped it …
The best place is one:
* which is not visible from the street
* still has some public traffic (aka "someone could exit the building at any time")
* the bikes next to yours are worse protected than yours
I am faring quite well with this strategy for 10 years now and haven't had a single bike stolen from me despite using the bike as my main mode of transportation. In the same time my collegues had theirs stolen roughly every 2 years.
The worst place is one:
* which people pass by alone
* which is still somewhat visible from the street
* where your bike is the only one there