Here's why this is stupid: This is 1-factor authentication, but it's actually LESS secure than a username and password. A password is something you know - it's in your head, so it can only be stolen if you save it somewhere, or if there's malware on your computer sniffing it. The tokens in the phone are saved in the phone, so if you lose the phone, you've just lost your password/set of keys. On top of that, malware i…
This fact, together with grc's implications that the scheme is novel, important or secure, supports the derisive view of the author in the sub-thread above. Also check out the stylistic buffoonery on his site.