It looks nice on the headstock.  It won't do anything if you remove it... on some of my older strings they start to come off after a while because I switch strings on different basses often.
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'78 Rickenbacker 4001, '05 Fender J, G&L L-2500, GK 1001-RBII, Avatar B410 NEO
Black 'n' Maple Club - #002, 5 String Club - #158
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