Everyone's making fun of this, and it is dumb. But really this is just an example about how passwords are a stupid form of authentication. Not just this site, all passworded sites. We really need something better. I favor OpenID or something like it. Single strong form of authentication, delegate login authority from that to non-critical sites like Hacker News. OpenID has enough of a bad reputation now it's probably…
So if you share a computer with someone, how do you stop that person from logging into your account to read your email?
I use gmail + 2-step auth. You can configure it to be quite paranoid.