Now that kids are being murdered for their IPods, it seems like a good idea to do something to make a stolen IPod useless to the thief (i.e., to disincentivize the thief).
The easiest way to do this is to make the IPod usable only for the owner. You could do this if the IPod worked only after the owner used a "key" to activate it. The "key" could be some series of button-pushing on the IPod itself, such as push the center button twice and the play button once. Of course, the other way is to have the IPod read the user's retina -- but the first way seems easier.
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They'd still steal them, and sell them in pawn shops or Ebay.
IMO, the best protection is to not use the white earbuds.