alt Hacker NewsI don't really get what tone you're doing for. Is this "a serious attempt", or is this "something that does not guarantee any cryptographic security"?
Nonetheless I do not see what issues 2FA has that this solves. Having the electronic device is the security. Without it there is no security.
The security advantage I see in mtotp is that you never reveal the password to the system you are authenticating with, but that there is also no electronic device that can be compromised