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There's definitely a nonzero chance that you will lose your Steam library in its entirety, so it might be a good idea to purchase singleplayer games from other launchers (especially GOG whenever possible)
Yes, it does seem likely, but it isn't impossible. Considering how unprepared everyone is, the safest thing to do is to assume that you will not be reimbursed in any way, shape, or form if your library suddenly disappears.
I'm not even sure this is a valid option giving current licensing and subscriber agreements. Just throwing it out there.
Personally, I'm of the opinion that Valve is too big to fail and someone somewhere will find a way to keep them going.
This is not true. If you set up Steam for offline mode, you were still able to use your account and play offline.
Another few threads suggested that offline mode has a time limit. Someone suggested three months. Can you weigh in on this? (out of curiosity)
Good old henryg (a former Valve employee)...
https://steamcommunity.com/discussions/forum/1/864969953572102601/#c864969953730401285
Oh wow! So it IS true! Thanks for sharing the link and info.