Kudos for the inventive solution, but it is not significantly better than a good lock. Nothing is. And even that isn't really good.

An acquaintance of mine had his new and shiny bike stolen in front of his flat on a busy street over night. Well secured with awesome locks to the communal bike rack.

The thief simply cut through the rack pipe, and took bike and lock as is. Battery-powered heavy duty tools that are now easy to come by will get you anything left on the street - no matter how well secured...