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Yes, the moral of the story is - don't steal expensive bikes if you don't want to get spammed by notifications that the bike is following you.

With the side effect that the thief can easily find and remove the tag.

Depends on the thief, the object, how well the tracking device is hidden, and how much time the thief has to investigate.

Many dumb thieves out there, like the airport workers who steal luggage and take it home.