It also wouldn't be a total disaster if it broke. If a tension wire breaks at the speeds and velocities it would need to travel half the wire would hit the earth with enough energy to be as powerful as a bomb.

Look at videos of people trying to move their cars using rope that snaps. It's not good. And that's assuming the counterweight doesn't fall back to earth.

If the sky hook fails it will wodnt be good. But at least it won't devistate as much of the world.