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That's effectively what U2F provides. You can "nop" the password by using a bad password that you can trivially remember, and then your U2F token is, effectively, your only authentication.

I don't know what features U2F tokens support, but if they can be password protected I don't see why U2F being the only auth factor would be bad. You could even have the token itself attest to being password protected so you could require that of users before allowing them to disable non-U2F passwords.






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