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Yes, I imagine someone would hesitate to walk around a dorm with bolt cutters. It's the kind of thing that attracts attention. Is it a guaranteed theft stopper? No, of course not. But thieves are looking for a quick score. If they wanted to work for their living, they wouldn't be thieves.

Especially when there are a dozen laptops on the same floor with nothing but a power cord securing them to the desk.

A small pair of what I call clippers like in the video above would easily fit in a pocket. A bolt cutter would obviously be too conspicuous, but that is not needed as demonstrated in the above video.
In my opinion, a kensington lock is like a expensive piece of string that makes the notebook look secure. It will probably deter the jealous roommate 3 rooms down who happens to walk by your room on the way to the bathroom, but for any one who knows what they are doing the lock might as well not be there.
 
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if the locks make you feel better, then enjoy them, but i'll put my laptop in my backpack. if a thief gets it out of there, then they deserve it!
 
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