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No one thinks it will deter thieves. It will make it more difficult for thieves to offload the phone (however marginally), and will give you time to use Find My iPhone, wipe it remotely, or brick it before your data gets compromised. As someone who did not use a passcode who recently had a phone stolen, I can tell that this is valuable. Also, why don't people focus on the real convenience - purchases by fingerprint scan.

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