Competitive Beta -- The Plan

[Yrr]

When you set it up you get a one-time retrieval code that you need to write down or memorise or otherwise store.
If you lose your phone you use this code to retrieve your account.

 

[Luigi1000]

The thing about mobile authentication, though... doesn't it mean that if you ever lose your phone, you're locked out of your account forever? And if it doesn't, isn't it completely useless at actually protecting your account?

There is a code you get to recover your account and disable the app on the phone. It tells you once you log in and set it up for the first time.