Then tried signing in. "Enter the passcode that was sent to <email>." Fail 2 - no passcode was ever sent. (Yes, I tried the resend button multiple times, because I'm not a moron. Yes, I checked my spam folder, because I'm not a moron. I know the HN crowd would have taken great pleasure in explaining the obvious to me if I hadn't mentioned it.)
Even if that had worked, how is copying a code from unencrypted email supposed to be either easier or more secure than a password? Fail 3.