It rips a hole in the space-time continuum.
Actually there is a real problem sometimes- the full-thickness part of the strings can sometimes break when wrapped around too tight of a turn. It depends on the specific string design, some can handle it and some can't. So there are some instances where it's no big deal to just wrap the excess around the tuning peg, but there are also many instances where the string will just break- either right then, or onstage in the middle of a tune.
long scale on short scale 
