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In general relativity, the cosmic censorship hypothesis (or CCH for short) is a conjecture about the nature of singularities in spacetime. The CCH proposes that singularities are always hidden within event horizons, and therefore cannot be seen from the rest of spacetime. Singularities which are not so hidden are called naked. (This version of the cosmic censorship hypothesis is known as the weak cosmic censorship hypothesis.)
The fundamental concern is that, since the physical behavior of singularities is unknown, if singularities can be seen from the rest of spacetime, causality may break down, and physics may lose its predictive power. The issue cannot be avoided, since according to the Penrose-Hawking singularity theorems, singularities are inevitable in physically reasonable situations.
The hypothesis was first formulated by Roger Penrose in 1969; it is not stated in a completely formal way. In a sense it is more of a research program proposal; part of the research is to find a proper formal statement that is physically reasonable and that can be proved to be true or false (and that is sufficiently general to be interesting).
There are a number of difficulties in formalizing the hypothesis:
In 1991, John Preskill and Kip Thorne bet against Stephen Hawking that the hypothesis was false. They won the bet (for an encyclopedia of the winner's choice) due to the discovery of the special situations just mentioned. Hawking later reformulated the bet to exclude those technicalities. The revised bet is still open.
While the weak cosmic censorship hypothesis asserts that any observer who has observed a singularity is destined to fall into it, it does not give a timeframe for this to happen. As such, for classical general relativity to be a complete theory, an observer of a naked singularity should still have a theory to explain what is observed; Penrose thus formulated a stronger version of the cosmic censorship hypothesis (known as the strong cosmic censorship hypothesis) that asserts that no singularity is ever visible to any observer.