I love this, and have thought of doing the same with a dumb smartwatch but... is it good opsec to have top so visible/available? What about losing the watch or getting stolen?
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There's basically no lock mechanism or security on a Pebble, but it's just a second factor.
If you have my randomly generated password, have done your intel to know I might have the TOTP on my wrist, and can physically steal my watch, you've got me beat and I'm okay with that for the convenience it provides.