Yeah, this is what I was thinking. People are generally pretty good at keeping secret scraps of paper relatively secure. While a motivated attacker can still br

Yeah, this is what I was thinking. People are generally pretty good at keeping secret scraps of paper relatively secure. While a motivated attacker can still break into your house and the safe, they stand a better shot at running afoul of authorities while doing so. The advantages of such a system would give us auditability and revocation, since each access would be tied to a token. Visiting $ISSUER to get a new sheet of codes for fraud would always revoke the previously issued ones. Consequently, from that point, each fraudulently used token could be tracked. It would also reduce the value of a stolen sheet of one-time codes to an attacker, since they wouldn't know whether using one would trigger an immediate visit from the authorities.