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btc-e has a very confusing process of enabling 2-factor. How should I use it?

Should I generate a one time password with a Yubikey? Should I backup the private key / base32 ?
What does this auth process do?
(P.S. btc-e - you need to hire some better UX people)
what if you only have a mobile phone, not an android or iphone, how do you do it then ? – None – 2013-12-06T23:39:10.187