Good news! An industrial design student, Kevin Scott, 21, from De Montfort University in Leicester, Uk, might have found the answer.
Kevin took second place in the Business Design Centre New Designer of the Year Award for his invention. A collapsible bike!!! More photos and details at the London Daily Mail article. "He designed a bike that wraps around a lamp post so it can be locked-up safely - without the need for a lock or chain."
I like the idea of the two-in-one concept. I wouldn't have to worry about my bike lock or about anybody cutting it...;)