It's not real security (see above), but Apple could change this method every minor iOS version in case the secret gets out. You still need physical access to the device, so it's iPhone thieves we're worried about, and they're not going to know how to do it. Even if a secret got out, they'd be lucky if it matched the iOS version on the phone.But if Apple puts a way in the software to disable the auto erase, it could be used by anyone. Then it just becomes pointless, and everyone's iOS devices would then be vulnerable to a brute force attack.
I hate how Tim Cook is saying this stuff about freedom and whatever because there's obviously already a backdoor: Apple can put an alternate iOS version on there. So anyone can, in theory. I'll bet the FBI is just going to do it themselves. Or, better yet, they'll get Apple to do it and won't tell anyone, then Tim Cook will say that they refused.
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