> If you can't fence the product then there's no motivation to steal it in the first place.
Couple of big problems with this thought:
* You have to know you can't fence it. Do you think bike thieves are following exactly which e-bike models have DRM, whether it has been broken etc? I doubt it.
* It assumes that the DRM is so amazing that nobody figures out how to defeat it.
So it might be true, but it also might not.