This is a good point, but the counter is that upright basses are REALLY hard to steal. (just like fat people are hard to kidnap) Electric basses and guitars are easier to sling over the shoulder in a case and look natural walking with.
Most of the time I feel secure though unless the environment is bad. But I always wondered what I would do if I had in instrument that LOOKS valuable. In what kind of venues would you guys feel comfortable playing this bass?
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Holiday Inn lounge?